Which of the following statements is false? Multiple Choice Under variable costing, fixed manufacturing costs are expensed in the period incurred. Under variable costing, the income statement is prepared using a contribution margin approach. Variable costing is not allowed for external financial reporting, but many companies find it useful for internal managerial reports. Under variable costing, an increase in production increases the amount of profit reported on the income statement, even if the additional units are not sold.

Which of the following statements is false? Multiple Choice Under variable costing, fixed manufacturing costs are expensed in the period incurred. Under variable costing, the income stotement is prepared using a contribution margin approach. Variable costing is not allowed for external financial reporting, but many companies find it useful for internal managerial reports. Under variable costing, an increase in production increases the amount of profit reported on the income statement. even if the additional units are not sold