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The term gross margin for a manufacturing company refers to the excess of sales over which of the following? Variable costs, excluding variable selling and

The term "gross margin" for a manufacturing company refers to the excess of sales over

which of the following?

Variable costs, excluding variable selling and administrative expenses.

Cost of goods sold, including fixed manufacturing overhead.

Cost of goods sold, excluding fixed manufacturing overhead.

All variable costs, including variable selling and administrative expenses.

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