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What types of costs are customarily included in the cost of manufactured products under (a) the absorption costing concept and (b) the variable costing concept?

What types of costs are customarily included in the cost of manufactured products under (a) the absorption costing concept and (b) the variable costing concept?

Managerial Accounting
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter7: Variable Costing For Management analysis
Section: Chapter Questions
Problem 3DQ: Which of the following costs would be included in the cost of a manufactured product according to...
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  1. What types of costs are customarily included in the cost of manufactured products under (a) the absorption costing concept and (b) the variable costing concept?

  2. Which of the following costs would be included in the cost of a manufactured product according to the variable costing concept: (a) rent on factory building, (b) direct materials, (c) property taxes on factory building, (d) electricity purchased to operate factory equipment, (e) salary of factory supervisor, (f) depreciation on factory building, (g) direct labor?

  3. Marley Company has the following information for March:

    Sales $912,000
    Variable cost of goods sold 474,000
    Fixed manufacturing costs 82,000
    Variable selling and administrative expenses 238,100
    Fixed selling and administrative expenses 54,700

    Determine (a) the manufacturing margin, (b) the contribution margin, and (c) operating income for Marley Company for the month of March.

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