Question: PROBLEM ? Briefly explain the following 1. What is absorption costing? 2. What is variable costing? 3. How are absorption costing and variable costing the

PROBLEM ? Briefly explain the following 1. What is absorption costing?

PROBLEM ? Briefly explain the following 1. What is absorption costing? 2. What is variable costing? 3. How are absorption costing and variable costing the same? 4. How are absorption costing and variable costing different? 5. When units produced equals units sold, how does operating income differ between variable costing and absorption costing? 6. When units produced exceed units sold, how does operating income differ between variable costing and absorption costing? 7. When units produced is less than units sold, how does operating income differ between variable costing and absorption costing

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