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Just decades ago, a woman's love for racecar driving would have been considered abnormal. This statement illustrates:
Direct Labor Costs
Expenses directly tied to the work of employees manufacturing a product or delivering a service.
Work in Process
A category of inventory representing items currently being manufactured but not yet completed.
Direct Labor
The wages and other costs for labor directly involved in the production of goods or services, excluding indirect labor costs.
Standard Costs
Predetermined costs for materials, labor, and overhead, against which actual costs are compared.
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