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Discuss the role of management in relevant circumstances.
Standard Cost System
An accounting system that estimates the cost of products in advance, using standard rates for materials and labor.
Direct Labor-Hours
The hours worked by employees directly involved in manufacturing goods, which is used as a basis for assigning labor costs to products.
Fixed Manufacturing Overhead
The portion of total manufacturing overhead costs that remains constant regardless of the level of production or activity volume.
Raw Material
Fundamental substances utilized during the manufacturing process to create products.
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