Match each of the following statements with the terms below that provide the best definition.
Definitions:
Markup
The amount added to the cost of a product to determine the selling price, typically expressed as a percentage of the cost.
Machine-Hours
An indicator of manufacturing productivity that calculates the total hours machinery is active in the production cycle.
Manufacturing Overhead
Refers to all the costs associated with the manufacturing process except for direct materials and direct labor.
Variable Manufacturing Overhead
Variable manufacturing overhead includes expenses that fluctuate with production levels, such as materials and utility costs directly associated with manufacturing.
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