Examlex
When all factors' marginal products are exactly proportional to those factors' respective market prices, then the firm is necessarily maximizing its profits.
Cost of Goods Sold
The total cost directly tied to the production of the goods sold by a company.
Job-Order Costing System
A cost accounting system that assigns manufacturing costs to an individual product or batches of products, often used when products are distinctly different.
Overapplied
A situation where the allocated manufacturing overhead cost is more than the actual overhead cost incurred.
Underapplied
A condition where allocated manufacturing overhead for a period is less than the actual overhead incurred, causing unabsorbed overhead costs.
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