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Product Cost
Product cost refers to the total expenses incurred to create a product, including direct labor, materials, and allocated overhead.
Variable Costing
An accounting method that only includes variable costs (costs that change with production levels) in product costs.
Fixed Costs
Expenses that do not change regardless of the level of production or sales, such as rent, salaries, and insurance.
Cost Control
A process of managing and regulating the expenses of operating a business to maximise profitability.
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