3. Direct (variable) costing considers which of the following to be product costs? Fixed Mfg. Costs Fixed Selling & Adm. Variable Variable Mfg. Costs Selling & Adm. a. yes no yes no b. yes no yes yes C. no d. no no yes yes no yes no Absorption (full) costing considers which of the following to be product costs? Fixed Mfg. Costs Fixed Selling & Adm. Variable Mfg. Costs Variable Selling & Adm. a. yes no yes no b. yes no yes yes c. no no yes yes d. no no yes no Which of the following statements is FALSE regarding absorption costing? a. Variable overhead is treated as a product cost. b. Absorption costing is required for external financial statements prepared in accordance with generally accepted accounting principles (GAAP). c. Fixed overhead is treated as a product cost. d. Fixed overhead is expensed in the period incurred. Which of the following statements is FALSE regarding direct costing? a. Variable overhead is treated as a product cost. b. Variable costing is required for external financial statements prepared in accordance with generally accepted accounting principles (GAAP). c. Fixed overhead is treated as a period cost. d. Period costs are expensed as they are incurred