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A manufacturing company incurred direct materials costs of $80,000, direct labor costs of $60,000, and manufacturing overhead costs of $40,000. Calculate the total manufacturing cost

A manufacturing company incurred direct materials costs of $80,000, direct labor costs of $60,000, and manufacturing overhead costs of $40,000. Calculate the total manufacturing cost and the cost per unit produced. Explain the significance of accurately determining production costs for budgeting and performance evaluation purposes. Provide a detailed breakdown of costs and discuss their relevance in cost accounting.

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