• Compare variable and absorption costing methods for LMN Corporation using the following data:

  Cost Component	Amount ($)
  Direct Materials	$50,000
  Direct Labor	$30,000
  Variable Overhead	$20,000
  Fixed Overhead	$40,000

  Requirements:

  • Calculate the total product cost using variable and absorption costing methods.
  • Present the analysis in a detailed table format.
  • Discuss the differences between variable and absorption costing and their implications for cost management.