Consider the following statements concerning value chain analysis: 1. It recognises the total life-cycle concept. 2. It analyses the business into a sequence of value-creating activities. 3. Its application is confined to manufacturing businesses. 4. It is closely linked to absorption costing. Which of the above statements are correct?

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Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.