________ Are the Internationally Accepted Standard Definitions for Terms of Sale

question 96

Short Answer

________ are the internationally accepted standard definitions for terms of sale set by the International Chamber of Commerce since 1936.

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Definitions:

Direct Materials

The raw materials that can be directly traced to the production of a specific product.

Direct Labor

The wages and other costs for labor that is directly involved in the production of goods or services.

Fixed Overhead

Regular, unchanging costs that a business incurs, regardless of the level of production or sales activity, such as rent and salaries.

Direct Labor

The work of employees that can be directly attributed to the production of goods or services.