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2 years ago

Consider the following comments about absorption- and variable-costing income statements:

Business

1 answer:

Lostsunrise [7]2 years ago

7 0

Answer:

E) I, II, and III.

Explanation:

Variable costing can be regarded as a concept of managerial accounting cost

whereby during the period of producing the product there is incurred

manufacturing overhead.

Absorption costing income statement, utilize absorption costing when creating income statement. The income statement focus on the cost through sectioning of cost into period cost and product.

It should be noted that

I. A variable-costing income statement discloses a firm's contribution margin.

II. Cost of goods sold on an absorption-costing income statement includes fixed costs.

III. The amount of variable selling and administrative cost is the same on absorption- and variable-costing income statements.

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2 years ago

Assume the weekly payroll of the Abbott Company is $5,000. December 31, the end of the year, falls on a Wednesday and Abbott wil

Crank

Answer:

Salary Expense A/c Dr. $3,000

To Salary Payable A/c $3,000

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Explanation:

As for the provided details,

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