Full costing is equivalent to absorption costing.TrueFalse
Variable costing is the approach used for external reporting under generally accepted accounting principles.
The difference between absorption costing and variable costing is the treatment of fixed manufacturing overhead.
Selling and administrative costs are period costs under both absorption and variable costing.
Manufacturing cost per unit will be higher under variable costing than under absorption costing.TrueFalse
Some fixed manufacturing costs of the current period are deferred to future periods through endinginventory under variable costing.