Question: 7-1 What is the basic difference between absorption costing and variable costing? 7-2 Are selling and adminstrative expenses treated as product costs or as period

7-1 What is the basic difference between absorption costing and variable costing? 7-2 Are selling and adminstrative expenses treated as product costs or as period costs under variable costing? 7-3 Explain how fixed manufacturing overhead costs are shifted from one period to another under absorption costing

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