6. Which of the following is not true about the Contribution Margin Format Income Statement? A) The costing method used is referred to as Variable Costing. B) Contribution Margin equals Total Sales less Total Variable Costs. C) Total Fixed Costs include some Selling and Admin costs. D) Net Income equals Contribution Margin less Total Fixed Costs. E) Variable Costs do not include Sales Commissions.

In any costing system, when the manufacturing overhead account has a credit balance at the end of the year: A) The manufacturing overhead account is overapplied B) The manufacturing overhead account is underapplied C) Cost of Goods Sold will appear lower than it actually is D) The work in process inventory account will have a credit balance E) Both A and C are correct