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10 cards from this deck
Calculating total cost of producing goods or services
Costs identified with a specific product or department
Costs not directly traced, shared across all production
Remain constant regardless of production levels
Change in direct proportion to production volume
Contain both fixed and variable elements
Lower of cost or net realisable value
First in first out - first stock received is issued first
Includes direct & indirect costs in total product cost
Increases profit (actual costs lower than budgeted)
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