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Two striking features of a graph of U.S. real GDP per capita over the twentieth century are the:
Variable Costing
An accounting method that includes only variable production costs in the cost of goods sold and treats fixed overhead expenses as period costs.
Direct Materials
Raw materials directly used in the manufacturing of a product that can be directly traced to that product.
Variable Overhead
Variable overhead refers to the indirect costs of production that fluctuate with the level of output, such as utilities and materials.
Variable Costing
An accounting method that only includes variable production costs in product costs, excluding fixed costs.
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