Absorption Costing vs. Variable Costing: Explain the fundamental differences between absorption costing and variable costing. What are the key implications of choosing one method over the other for financial reporting and decision-making within an organization? Provide examples to illustrate how these costing methods can yield varying results in income determination and inventory valuation. Fixed Overhead Allocation: Describe the process of allocating fixed overhead costs in absorption costing. What allocation bases are commonly used, and how do they impact the allocation of fixed overhead expenses to products or services? Discuss the rationale behind allocating fixed overhead costs and the significance of this allocation in achieving the objectives of absorption costing