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Based on the training example, how would the equation be expressed?
Manufacturing Costs
The expenses involved in producing goods, including labor, materials, and overhead.
Cost of Goods Sold
The direct costs attributable to the production of goods sold by a company, including direct materials, direct labor, and manufacturing overhead.
Income Summary Account
An account used in the closing process that summarizes the revenues and expenses of a period, ultimately transferring the net income or loss to retained earnings.
Accounting Period
The time span for which financial statements are prepared, typically a year, a quarter, or a month.
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