32 Variable costing is also referred to as
33 Using absorption costing a. only fixed costs are inventoried. b. only variable costs are inventoried. c. all production costs are inventoried. d. fixed costs are expensed as incurred.
34 Analysts must be aware that with the use of absorption costing, as inventory absorbs more fixed costs, reported income tends to
35 Analysts must recognize that the use of the specific identification method to value inventory has a serious deficiency because it
36 Goods available for sale needs to be allocated between
37 Financial analysts recognize that the deficiency of the FIFO cost flow as-sumption is the failure to a. match current costs with current revenues. b. match current costs with oldest revenues. c. match oldest costs with current revenues. d. match oldest costs with oldest revenues.