Cost classifications used for predicting cost behavior include: Multiple Choice Variable cost and fixed cost. Direct cost and indirect cost. Product cost and period cost. O Relevant cost and irrelevant cost.

Variable costing can also be referred to as: Select one: a. Internal costing b. Cost-plus costing c. Absorption costing d. Marginal costing

Describe income statement under variable costing.

Which type of income statements, Contribution Format or Traditional Format should be used to identify relevant costs? Please provide explanation for your answer. Then provide an example including two income statements based on absorption and variable costing, respectively, to support your explanation.