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Wonder Company is considering installing an ERP system. To make a good decision, Wonder needs to conduct a(n)
Variable Costing
An accounting method that includes only variable production costs (direct materials, direct labor, and variable manufacturing overhead) in product costs.
Product Cost
Product cost encompasses all costs directly involved in manufacturing a product, including raw materials, labor, and manufacturing overhead.
Absorption Costing
A method of product costing that includes all manufacturing costs, both fixed and variable, in the cost of a product.
Total Product Cost
The complete cost of producing a product, including direct materials, direct labor, and both variable and fixed overhead.
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