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Incurred
Refers to costs or expenses that have been acquired or accumulated as a result of undertaking specific activities or operations.
Underapplied
Refers to a situation where the allocated or applied overhead costs are less than the actual overhead costs incurred.
Overapplied
Refers to a situation where the allocated costs exceed the actual costs incurred, often seen in manufacturing and budgeting.
Manufacturing Overhead
All indirect factory-related costs associated with the production of a product, including costs related to indirect materials, indirect labor, and other overhead expenses.
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