Examlex
Identify the true statement(s) .
Gross Profit
Gross profit is the difference between sales revenue and the cost of goods sold (COGS), showing how efficiently a company produces its products.
Raw Materials Inventory
Stocks of the basic materials and components that are used in production but have not yet been processed or used in the manufacturing process.
Direct Labour
Work specifically conducted by employees directly involved in the manufacturing process of a product.
Manufacturing Overhead
All manufacturing costs excluding direct labor and direct materials, such as utilities and rent for production facilities.
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