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Treats fixed selling cost as a period cost. Required by generally accepted accounting principles. Treats fixed manufacturing cost as a period cost. Operating income is

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Treats fixed selling cost as a period cost. Required by generally accepted accounting principles. Treats fixed manufacturing cost as a period cost. Operating income is impacted by changes in inventory level. Generally provides the most useful report for controlling costs. Generally provides the most useful report for setting long-term prices. May be used in a manufacturing company. Includes gross profit on the income statement

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