Using absorption costing, which of the following manufacturing costs are assigned to products? Multiple Choice Direct materials and direct labor. Direct labor and variable overhead. Fixed overhead, direct materials, and direct labor. Variable overhead, direct materials, and direct labor. Varlable overhead, direct materials, direct labor, and fixed overhead. Wind Fall, a manufacturer of leaf blowers, began operations this year. During this year, the company produced 10,000 leaf blowers and soid 8,500 . At year-end, the company reported the following income statement using absorption costing: Production costs per leaf blower total $20, which consists of $16 in variable production costs and $4 in fixed overhead costs (based on the 10,000 units produced). Fifteen percent of total selling and administrative expenses are variable. Compute income under variable costing. Which of the following is not a product cost under variable costing? Multiple Choice Direct materials. Fixed overhead. Direct labor. Variable overhead. None of the above. Given the Scavenger Company data, what is income using absorption costing? Multiple Choice $201,250 $181,250 $150,000 $177,600 $276,250 Scavenger Company, a manufacturer of recycling bins, began operations on January 1 of the current year. During this time, the company produced 60,000 units and sold 55,000 units at a sales price of $15 per unit. Cost information for this year is shown in the following table: Given the Scavenger Company data, what is income using absorption costing? Production costs per leaf blower total $20, which consists of $16 in variable production costs and $4 in fixed overhead costs (based on the 10,000 units produced). Fifteen percent of total selling and administrative expenses are variable. Compute income under variable costing. Multiple Choice $146,500 $158,500 $237,500 $206,500 $246,500 Which of the following statements is true regarding absorption costing? Multiple Choice Fixed overhead is included in period expenses under absorption costing. It is not permitted to be used for financial reporting. It is not permitted to be used for tax reporting. It assigns all manufacturing costs to products. It requires only variable costs to be treated as product costs. The absorption costing approach assigns all manufacturing costs to products. True or False Ryanbay, Incorporated had net income of $900,000 based on variable costing. Beginning and ending inventories were 55,000 units and 52,000 units, respectively. Assume the fixed overhead per unit was $1.25 for both the beginning and ending inventory. What is net income under absorption costing? Nutiple Choice $833,125 $903750 $966.875 $896.250 $900,000