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Study_questions_-_Ch._7 - Study questions Ch 7 Student 1...

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Study questions - Ch. 7 Student: ___________________________________________________________________________ 1. How would the following costs be classified (product or period) under variable costing at a retail clothing store? A. Item A B. Item B C. Item C D. Item D 2. The principal difference between variable costing and absorption costing centers on: A. whether variable manufacturing costs should be included as product costs. B. whether fixed manufacturing costs should be included as product costs. C. whether fixed manufacturing costs and fixed selling and administrative costs should be included as product costs. D. none of these. 3. Which of the following costs at a manufacturing company would be treated as a product cost under the variable costing method? 1
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4. Assuming that direct labor is a variable cost, the primary difference between the absorption and variable costing is that:
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