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Every person's ____ is unique to him- or herself.
Absorption Costing
An accounting method that includes all manufacturing costs (direct materials, direct labor, and overhead) in the cost of a product.
Manufacturing Costs
The total expense incurred in the process of producing a product, which includes direct labor, direct materials, and overhead costs.
Gross Margin
Gross Margin is the difference between sales revenue and the cost of goods sold, expressed as a percentage of sales, indicating the efficiency of production and pricing.
Contribution Margin Income Statement
An income statement format that separates variable costs from fixed costs, focusing on contribution margin.
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