Examlex
A greater than or equal to comparison is indicated by the symbols =>._________________________
Overapplied
A scenario in which the overhead costs allocated are higher than the overhead costs that were actually incurred.
Standard Cost System
An accounting method that uses predetermined costs for valuing inventory and recognizes variances between these costs and actual costs.
Cost of Goods Sold
The primary costs involved in the production of goods a company deals in, including the expenses for materials and labor.
Variances
Differences between planned, budgeted, or standard costs and actual costs, used in performance measurement and control.
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