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Job-order Costing System
A costing method that assigns costs to specific batches or lots of products, often tailor-made for customers.
Overhead Cost
Overhead cost refers to ongoing business expenses not directly tied to creating a product or service, such as rent, utilities, and insurance.
Work in Process
Represents goods that are in the process of being manufactured but are not yet complete.
Indirect Materials
Materials used in the production process that do not become an integral part of the final product and are not directly traceable to specific goods.
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