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Describe how interest rates affect your personal budget, income statement, and balance sheet. What account groups do they affect? Give two specific examples.
Direct Materials
Raw materials that are directly identifiable and assignable to the production of goods.
Factory Overhead
All expenses related to production that aren't direct materials or direct labor costs.
Per-Unit Cost
The cost associated with producing or acquiring a single unit of product.
Finished Goods Account
An inventory account that holds the value of products that are completed and ready for sale.
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