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GarCh07

GarCh07

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Published by Vu Manh Cuong

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Published by: Vu Manh Cuong on Sep 24, 2013
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09/24/2013

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Variable Costing: A
Tool for Management
3/17/04
Chapter 7
 
© The McGraw-Hill Companies, Inc., 2003
 McGraw-Hill/Irwin
 Absorption Costing
Treats all manufacturing costs as productcosts, and non-manufacturing costs as periodcostsUnit costs consist of direct material and directlabor and both variable and fixedmanufacturing overhead.Fixed manufacturing overhead is allocated toeach unit of productionGAAP
 
© The McGraw-Hill Companies, Inc., 2003
 McGraw-Hill/Irwin
Variable Costing
Only those costs of manufacturing that varywith output (variable costs) are treated asproduct costsThis would include direct material, direct labor and variable manufacturing overheadFixed manufacturing overhead is expensedduring the current periodVariable costing is used for internal planning
and control only; it’s
not GAAP!

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