Why is variable costing not in compliance with generally accepted accounting principles? a. Fixed manufacturing costs are assumed to be period costs. b. Variable costing procedures are not well known in industry. c. Net earnings are always overstated when using variable costing. d. Variable costing ignores the concept of lower of cost or market when valuing inventory.

Why is variable costing not in compliance with generally accepted accounting principles? a. Fixed manufacturing costs are assumed to be period costs. b. Variable costing procedures are not well known in industry. c. Net earnings are always overstated when using variable costing. d. Variable costing ignores the concept of lower of cost or market when valuing inventory.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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