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Cost of Goods Sold
The direct costs attributable to the production of the goods sold in a company, including both materials and labor costs.
Job-Order Costing System
A cost accounting system that assigns costs to specific production batches or jobs, commonly used for customized orders.
Overapplied
A situation where the allocated manufacturing overhead cost exceeds the actual manufacturing overhead costs incurred.
Underapplied
A term referring to a situation where the allocated manufacturing overhead costs are less than the actual overhead costs incurred.
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