Question: As presented in Chapter 21, there are two methods of determining product cost: the absorption costing method and the variable costing method. Explain how

As presented in Chapter 21, there are two methods of determining product

As presented in Chapter 21, there are two methods of determining product cost: the absorption costing method and the variable costing method. Explain how costs are calculated using both methods. Which method is required by the generally accepted accounting principles (GAAP)? Develop an example in columnar format that compares the two methods of cost calculation using the following table:

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