Fill in the Blank QuestionFill in the blank question.Regardless of whether variable costing or absorption costing is used, if quantity produced differs from quantity sold, income will be (similar, different, indeterminable).

Fill in the Blank QuestionFill in the blank question.When units produced equals units sold, income under absorption costing will be (greater than,less than,equal to) net income under variable costing.

Fill in the Blank QuestionFill in the blank question.When units produced are greater than units sold under variable costing, fixed overhead is an expense and results in (lower, higher) net income than under absorption costing.

Fill in the Blank QuestionFill in the blank question.Under the (absorption,variable) costing method only variable costs are assigned to products.

Multiple Choice QuestionThe formula to convert income from variable to absorption costing is:Multiple choice question.income under variable costing plus variable overhead in ending finished goods inventory minus variable overhead in beginning finished goods inventory.income under variable costing plus fixed overhead in beginning finished goods inventory minus fixed overhead in ending finished goods inventory.income under variable costing plus fixed overhead in ending finished goods inventory minus fixed overhead in beginning finished goods inventory.

True or False QuestionTrue or false: When units produced are less than units sold, net income under absorption costing will be less than net income computed under variable costing.True false question.TrueFalse