Classify each of the costs below as either a product cost or a period cost under...

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Classify each of the costs below as either a product cost or a period cost under (a) absorption costing and (b) variable costing. Cost Direct materials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses $ $ $ $ $ $ Amount 4 per unit 7 per unit 3 per unit 340,000 per year 0.40 per unit 240,000 per year Absorption Costing Variable Costing Period Product Classify each of the costs below as either a product cost or a period cost under (a) absorption costing and (b) variable costing. Cost Direct materials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses $ $ $ $ $ $ Amount 4 per unit 7 per unit 3 per unit 340,000 per year 0.40 per unit 240,000 per year Absorption Costing Variable Costing Period Product

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a Absorption Costing 1 Direct materials Product Cost ... View the full answer