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Business
Accounting
First: The inventory value shown on the balance sheet is generally higher under absorption costing than under variable costing. Second: Under variable costing, inventoriable product costs consist of direct materials, direct labor, variable manufacturing overhead and variable selling and administration expenses. *     a. Both statements are true       b. Only the first statement is true       c. Only the second statement is true       d. Both statements are false

First: The inventory value shown on the balance sheet is generally higher under absorption costing than under variable costing. Second: Under variable costing, inventoriable product costs consist of direct materials, direct labor, variable manufacturing overhead and variable selling and administration expenses. *     a. Both statements are true       b. Only the first statement is true       c. Only the second statement is true       d. Both statements are false

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First: The inventory value shown on the balance sheet is generally higher under absorption costing than under variable costing. Second: Under variable costing, inventoriable product costs consist of direct materials, direct labor, variable manufacturing overhead and variable selling and administration expenses. *
 
 
a. Both statements are true
 
 
 
b. Only the first statement is true
 
 
 
c. Only the second statement is true
 
 
 
d. Both statements are false
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