Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 24 - No. 42)
In a manufacturing context, what does the term 'factory overhead' encompass?
All costs related to the production process.
Costs directly traceable to a specific product.
Costs incurred only in the factory premises
Indirect costs associated with the manufacturing process.
Explanation
Factory overhead includes indirect costs incurred in the manufacturing process.
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