Absorption Costing treats all manufacturing costs and selling costs as product costs, regardless of whether they are fixed or variable. T/F

When units produced = units sold, Absorption costing net operating income < Variable costing net operating income. T/F

When determining the units to which costs will be assigned in Equivalent Units, the beginning WIP units + units started into production = units completed and transferred out + ending WIP units. T/F

When calculating Equivalent units, Conversion costs include Direct Labor and Manufacturing Overhead. T/F