Examlex
Describe trace elements.
Direct Labor
The wages or salaries paid to employees who are directly involved in manufacturing a product or providing a service.
Raw Material
Basic materials used in the production process to manufacture finished goods, essential components of production cost.
Cost of Goods Sold
Direct expenditures involved in the manufacture of products a business sells, such as labor and materials.
Fixed Overhead Variances
The difference between actual fixed overhead costs and the standard or budgeted fixed overhead costs.
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