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When small farms were consolidated into larger operations,what was one major social benefit?
Net Operating Income
The net profit of a company, calculated by deducting operating expenses from the gross profit.
Absorption Costing
A financial recording strategy that encompasses all costs related to production, such as raw materials, labor directly associated with the production, and all overhead expenses, whether they vary or are fixed, as part of a product's cost.
Variable Costing
An accounting method where only variable manufacturing costs are included in product costs, with fixed overhead expenses treated as period costs.
Variable Costing
This costing method includes only variable production costs (direct materials, direct labor, and variable manufacturing overhead) in product costs.
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