Which of the following terms is commonly used to describe the concept whereby the cost of manufactured products is composed of direct materials cost, direct labor cost, and variable factory overhead cost? a. standard costing b. differential costing c. absorption costing d. variable costing The amount of income under absorption costing will be less than the amount of income under variable costing when units manufactured a. exceed units sold b. equal units sold c. are equal to or greater than units sold d. are less than units sold A series of budgets for varying levels of activity is termed a(n) _budget. a. flexible b. variable c. activity d. master