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Direct Labor
The labor cost directly associated with the production of goods, including wages of workers who are directly involved in creating the product.
Cash Account
An account that records cash transactions both received and expended, reflecting the cash position of a business at any given time.
Raw Material
Raw material refers to the basic, unprocessed inputs used in the production of goods and services; they are the essential components required in the manufacturing process.
Standard Costs
Predetermined costs for products or services, used as benchmarks to measure actual production costs.
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