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1. Under this method, both variable expenses and fixed expenses are taken into account to calculate machine hour rate. The fixed expenses like supervision, rent, lighting, heating etc. are included along with the variable expenses to calculate the machine hour rate. These fixed expenses are known as standing charges.
2. Contract Costing is a special type of job costing, where the unit of cost is a single contract. The contract itself is a cost center and is executed under the customer's specifications. ... So no organization can undertake a large number of contracts at a time.

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