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Define both a project and project management. Describe the attributes of a project.
Labor Costs
The total amount of money a business spends on employment, including wages, salaries, and benefits.
Materials
The raw substances or components used in the manufacturing or production of goods.
Hybrid Costing System
A costing system that blends elements of both job costing and process costing methods, suitable for industries that manufacture items in batches.
Applied Overhead
The estimated overhead cost assigned to individual units of production.
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