On the variable costing income statement, deduction of the variable cost of goods sold from sales yields gross profit. True O False Calculator On the absorption costing income statement, deduction of the cost of goods sold from sales yields contribution margin. True O False The factory superintendent's salary would be included as part of the cost of products manufactured under the absorption costing concept. = True False In variable costing, the cost of products manufactured is composed of only those manufacturing costs that increase or decrease as the volume of production rises or falls. True False