Question: 3. Reconcile the difference between variable costing and absorption costing net operating income in Year 1 5 marks) In 3 points explain the difference between

operating income in Year 1 5 marks) In 3 points explain the

difference between product costs and period costs 4. 6 marks) Variable costing

is not accepted for external reporting, however it is still being used

3. Reconcile the difference between variable costing and absorption costing net operating income in Year 1 5 marks) In 3 points explain the difference between product costs and period costs 4. 6 marks) Variable costing is not accepted for external reporting, however it is still being used everywhere by many companies. Explain 5. (4 marks)

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