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Direct Labor-Hours
A measure of the work done by labor force, specifically calculated based on the hours worked in producing goods.
Depreciation
The systematic allocation of the depreciable amount of an asset over its useful life.
Standard Cost Variances
The differences between the expected (standard) costs of a product and the actual costs incurred.
Cost of Goods Sold
The overall expenses involved in creating or purchasing goods sold in a given timeframe, consisting of the cost of materials, workforce, and indirect costs.
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