Under absorption costing, which of the following costs would not be included in finished goods inventory? Question 1 options: a direct labor cost b direct materials cost c variable and fixed factory overhead cost d variable and fixed selling and administrative expenses Under variable costing, which of the following costs would not be included in finished goods inventory? Question 2 options: a direct labor cost b direct materials cost c variable factory overhead cost d fixed factory overhead cost On the variable costing income statement, the figure representing the difference between manufacturing margin and contribution margin is the: Question 3 options: a fixed manufacturing costs b variable cost of goods sold c fixed selling and administrative expenses d variable selling and administrative expenses The amount of income under absorption costing will be less than the amount of income under variable costing when units manufactured: Question 4 options: a exceed units sold b equal units sold c are less than units sold d are equal to or greater than units sold The amount of income under absorption costing will be more than the amount of income under variable costing when units manufactured: Question 5 options: a exceed units sold b equal units sold c are less than units sold d are equal to or greater than units sold