Use the selected financial information provided below to answer the following questions.
Definitions:
Actual Costs
Actual costs are the actual expenses incurred in the production or acquisition of goods and services, as opposed to estimated or budgeted costs.
Credit Balance
A balance that appears on the right side of an account, indicating that a company owes money or has a liability.
Process Cost Accounting System
An accounting system used to track and allocate costs of production by process or department, commonly employed in manufacturing environments with continuous, homogeneous outputs.
Product Quantity
The total number of units of a product that are produced, available for sale, or sold at a given time.
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