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question 89

Short Answer

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Definitions:

Direct Materials

Raw materials that are directly traceable to the manufacturing of a product and are a significant portion of the total cost of production.

Standard Cost Card

A document that lists the standard costs associated with producing a unit of product, including materials, labor, and overhead.

Fixed Manufacturing Overhead

Costs that do not vary with the level of production or sales, such as salaries of production supervisors and depreciation of factory equipment.

Direct Labor Costs

Expenses related to labor that is directly involved in the production of goods or the provision of services.