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Define the following terms as they apply to cost accounting: 1. Prime Cost 2. Industrial Engineering Method 3. Step Cost 4. Consumption Ratio 5. Normal

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Define the following terms as they apply to cost accounting: 1. Prime Cost 2. Industrial Engineering Method 3. Step Cost 4. Consumption Ratio 5. Normal Spoilage 6. Transferred-In Cost 7. Capital Expenditure 8. Relevant Cost/Revenue How is a standard cost sheet developed? What is the difference between ideal and currently attainable standards

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