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Quotes of the day:
Stay away from needle drugs. Richard Nixon is the only dope worth shooting.
Absorption costing, sometimes called full absorption costing, is a managerial accounting method for capturing all costs associated with manufacturing a particular product. The direct and indirect costs, such as direct materials, direct labor, rent, and insurance, are accounted for using this method. Absorption costing is required by generally accepted accounting principles (GAAP) for external reporting.
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