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Discuss the benefits of a conceptual framework
Variable Costing
An accounting method that includes only variable production costs (direct materials, direct labor, and variable manufacturing overhead) in product costs.
Absorption Costing
A bookkeeping approach that encompasses all production expenses, including both constant and fluctuating costs, in the price of a good.
Unit Cost
The calculated cost assigned to a single unit of product or service, comprising all variable and fixed costs.
Mixed Cost
A cost that contains both fixed and variable components and changes in total with the level of activity, but not proportionately.
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