Variable Costing

Chapter 7Variable Costing: A Tool for Management

True/False

1.TEasy

In the preparation of financial statements using variable costing, fixed manufacturing overhead is treated as a period cost.

2.FHard

Direct labor is always considered to be a product cost under variable costing.

3.FMedium

Under variable costing, the unit product cost contains some fixed manufacturing overhead cost.

4.FMedium

Under variable costing it may be possible to report a profit even if the company sells less than the break-even volume of sales.

5.TEasy

Under variable costing, the impact of fixed cost is emphasized because the total amount of such cost for the period appears in the income statement.

6.FEasy

Absorption costing treats fixed manufacturing overhead as a period cost, rather than as a product cost.

7.FMedium

The unit product cost under absorption costing contains no element of fixed manufacturing overhead cost.

8.TEasy

Absorption costing treats all manufacturing costs as product costs.

9.TEasy

When the number of units in work in process and finished goods inventories increase, absorption costing net income will typically be greater than variable costing net income.

10.FEasy

When sales exceeds production for a period, absorption costing net income will generally be greater than variable costing net income.

11.FMedium

Absorption costing net income is closer to the net cash flow of a period than is variable costing net income.

12.FMedium

Variable costing is not permitted for income tax purposes, but it is widely accepted for external financial reports.

13.FMedium

Net income is not affected by changes in production when absorption costing is used.

14.TEasy

When JIT methods are introduced, the difference in net income computed under the absorption and variable costing methods is reduced.

15.TEasy

Since variable costing emphasizes costs by behavior, it works well with cost-volume-profit analysis.

Multiple Choice

16.CEasy

A cost that would be included in product costs under both absorption costing and variable costing would be:a. supervisory salaries.b. equipment depreciation.c. variable manufacturing costs.d. variable selling expenses.

17.CEasyCPA adapted

An allocated portion of fixed manufacturing overhead is included in product costs under:

Absorption Variablecosting costinga. No Nob. No Yesc. Yes Nod. Yes Yes

18.BMediumCPA adapted

The variable costing method ordinarily includes in product costs the following:a. Direct materials cost, direct labor cost, but no manufacturing overhead cost.b. Direct materials cost, direct labor cost, and variable manufacturing overhead cost.c. Prime cost but not conversion cost.d. Prime cost and all conversion cost.

19.DEasy

Cay Company's fixed manufacturing overhead costs totaled $100,000, and variable selling costs totaled $80,000. Under variable costing, how should these costs be classified?

Period costs Product costsa. $0 $180,000b. $80,000 $100,000c. $100,000 $80,000d. $180,000 $0

20.AEasy

Which of the following are considered to be product costs under variable costing?

I. Variable manufacturing overhead.II. Fixed manufacturing overhead.III. Selling and administrative expenses.a. I.b. I and II.c. I and III.d. I, II, and III.

21.BMediumCPA adapted

What factor is the cause of the difference between net income as computed under absorption costing and net income as computed under variable costing?a. Absorption costing considers all manufacturing costs in the determination of net income, whereas variable costing considers only prime costs.b. Absorption costing allocates fixed manufacturing costs between cost of goods sold and inventories, and variable costing considers all fixed manufacturing costs as period costs.c. Absorption costing includes all variable manufacturing costs in product costs, but variable costing considers variable manufacturing costs to be period costs.d. Absorption costing includes all fixed manufacturing costs in product costs, but variable costing expenses all fixed manufacturing costs.

22.CEasy

Under variable costing, costs which are treated as period costs include:a. only fixed manufacturing costs.b. both variable and fixed manufacturing costs.c. all fixed costs.d. only fixed selling and administrative costs.

23.CMedium

Which of the following statements is true for a firm that uses variable costing?a. The unit product cost changes as a result of changes in the number of units manufactured.b. Both variable selling costs and variable production costs are included in the unit product cost.c. Net income moves in the same direction as sales.d. Net income is greatest in periods when production is highest.

24.BEasy

Which of the following are considered to be product costs under absorption costing?

I. Variable manufacturing overhead.II. Fixed manufacturing overhead.III. Selling and administrative expenses.a. I, II, and III.b. I and II.c. I and III.d. I.

25.CEasy

The term "gross margin" for a manufacturing company refers to the excess of sales overa. cost of goods sold, excluding fixed manufacturing overhead.b. all variable costs, including variable selling and administrative expenses.c. cost of goods sold, including fixed manufacturing overhead.d. variable costs, excluding variable selling and administrative expenses.

26.AMediumCPA adapted

Net income determined using full absorption costing can be reconciled to net income determined using variable costing by computing the difference between:a. Fixed manufacturing overhead costs deferred in or released from inventories.b. Inventoried discretionary costs in the beginning and ending inventories.c. Gross margin (absorption costing method) and contribution margin (variable costing method).d. Sales as recorded under the variable costing method and sales as recorded under the absorption costing method.

27.BMediumCMA adapted

Net income reported under absorption costing will exceed net income reported under variable costing for a given period if:a. production equals sales for that period.b. production exceeds sales for that period.c. sales exceed production for that period.d. the variable manufacturing overhead exceeds the fixed manufacturing overhead.

28.DMediumCPA adapted

What will be the difference in net income between variable costing and absorption costing if the number of units in work in process and finished goods inventories increase?a. There will be no difference in net income.b. Net income computed using variable costing will be higher.c. The difference in net income cannot be determined from the information given.d. Net income computed using variable costing will be lower.

29.AEasy

The costing method that can be used most easily with break-even analysis and other cost-volume-profit techniques is:a. variable costing.b. absorption costing.c. process costing.d. job-order costing.

30.CHard

For the most recent year, Atlantic Company's net income computed by the absorption costing method was $7,400, and its net income computed by the variable costing method was $10,100. The company's unit product cost was $17 under variable costing and $22 under absorption costing. If the ending inventory consisted of 1,460 units, the beginning inventory must have been:a. 920 units.b. 1,460 units.c. 2,000 units.d. 12,700 units.

31.BHard

During the most recent year, Evans Company had a net income of $90,000 using absorption costing and $84,000 using variable costing. The fixed overhead application rate was $6 per unit. There were no beginning inventories. If 22,000 units were produced last year, then sales for last year were:a. 15,000 units.b. 21,000 units.c. 23,000 units.d. 28,000 units.

32.DHard

During the year just ended, Roberts Company' income under absorption costing was $3,000 lower than its income under variable costing. The company sold 9,000 units during the year, and its variable costs were $9 per unit, of which $3 was variable selling expense. If production cost is $11 per unit under absorption costing every year, then how many units did the company produce during the year?a. 8,000.b. 10,000.c. 9,600.d. 8,400.

33.CHard

Last year, Silver Company's variable production costs totaled $7,500 and its fixed manufacturing overhead costs totaled $4,500. The company produced 3,000 units during the year and sold 2,400 units. There were no units in the beginning inventory. Which of the following statements is true?a. Under variable costing, the units in the ending inventory will be costed at $4 each.b. The net income under absorption costing for the year will be $900 lower than the net income under variable costing.c. The ending inventory under variable costing will be $900 lower than the ending inventory under absorption costing.d. Under absorption costing, the units in ending inventory will be costed at $2.50 each.

34.DHard

During the last year, Hansen Company had net income under absorption costing that was $5,500 lower than its income under variable costing. The company sold 9,000 units during the year, and its variable costs were $10 per unit, of which $6 was variable selling expense. If fixed production cost is $5 per unit under absorption costing every year, then how many units did the company produce during the year?a. 7,625 units.b. 8,450 units.c. 10,100 units.d. 7,900 units.

35.BMediumCMA adapted

Indiana Corporation produces a single product that it sells for $9 per unit. During the first year of operations, 100,000 units were produced and 90,000 units were sold. Manufacturing costs and selling and administrative expenses for the year were as follows:

Fixed Costs Variable CostsRaw materials ............ -- $1.75 per unit producedDirect labor ............. -- 1.25 per unit producedFactory overhead ......... $100,000 0.50 per unit producedSelling and administrative 70,000 0.60 per unit soldWhat was Indiana Corporation's net income for the year using variable costing?a. $181,000.b. $271,000.c. $281,000.d. $371,000.

36.CMedium

Last year, fixed manufacturing overhead was $30,000, variable production costs were $48,000, fixed selling and administration costs were $20,000, and variable selling administrative expenses were $9,600. There was no beginning inventory. During the year, 3,000 units were produced and 2,400 units were sold at a price of $40 per unit. Under variable costing, net income would be:a. a profit of $6,000.b. a profit of $4,000.c. a loss of $2,000.d. a loss of $4,400.

37.DEasyCPA adapted

West Co.'s manufacturing costs are as follows:

Direct materials and direct labor ....... $700,000Other variable manufacturing costs ...... 100,000Depreciation of factory building andmanufacturing equipment ............. 80,000Other fixed manufacturing overhead ...... 18,000

What amount should be considered product costs for external reporting purposes?a. $700,000.b. $800,000.c. $880,000.d. $898,000.

38.CHard

At the end of last year, Lee Company had 30,000 units in its ending inventory. Lee's variable production costs are $10 per unit and its fixed manufacturing overhead costs are $5 per unit every year. The company's net income for the year was $12,000 higher under variable costing than under absorption costing. Given these facts, the number of units of product in inventory at the beginning of the year must have been:a. 28,800 units.b. 27,600 units.c. 32,400 units.d. 42,000 units.

39.BMedium

During the last year, Moore Company's variable production costs totaled $10,000 and its fixed manufacturing overhead costs totaled $6,800. The company produced 5,000 units during the year and sold 4,600 units. There were no units in the beginning inventory. Which of the following statements is true?a. The net income under absorption costing for the year will be $800 higher than net income under variable costing.b. The net income under absorption costing for the year will be $544 higher than net income under variable costing.c. The net income under absorption costing for the year will be $544 lower than net income under variable costing.d. The net income under absorption costing for the year will be $800 lower than net income under variable costing.

40.BHard

Last year, Ben Company's income under absorption costing was $4,400 lower than its income under variable costing. The company sold 8,000 units during the year, and its variable costs were $8 per unit, of which $3 was variable selling expense. Fixed manufacturing overhead was $1 per unit in beginning inventory under absorption costing. How many units did the company produce during the year?a. 12,400 units.b. 3,600 units.c. 7,120 units.d. 7,450 units.

41.CHard

Last year, Stephen Company had 20,000 units in its ending inventory. During the year, Stephen's variable production costs were $12 per unit. The fixed manufacturing overhead cost was $8 per unit in the beginning inventory. The company's net income for the year was $9,600 higher under variable costing than it was under absorption costing. Given these facts, the number of units of product in the beginning inventory last year must have been:a. 21,200.b. 19,200.c. 18,800.d. 19,520.

Reference: 7-1Aaker Company, which has only one product, has provided the following data concerning its most recent month of operations:

Selling price ............................ $99

Units in beginning inventory ............. 0Units produced ........................... 6,300Units sold ............................... 6,000Units in ending inventory ................ 300

Variable costs per unit:Direct materials ....................... $12Direct labor ........................... 42Variable manufacturing overhead ........ 6Variable selling and administrative .... 6

Fixed costs:Fixed manufacturing overhead ........... $170,100Fixed selling and administrative ....... 24,000

42.DEasyRefer To: 7-1

What is the unit product cost for the month under variable costing?a. $66b. $93c. $87d. $60

43.AEasyRefer To: 7-1

What is the unit product cost for the month under absorption costing?a. $87b. $60c. $66d. $93

44.DMediumRefer To: 7-1

The total contribution margin for the month under the variable costing approach is:a. $72,000.b. $27,900.c. $234,000.d. $198,000.

45.CMediumRefer To: 7-1

The total gross margin for the month under the absorption costing approach is:a. $98,100.b. $198,000.c. $72,000.d. $12,000.

46.AHardRefer To: 7-1

What is the total period cost for the month under the variable costing approach?a. $230,100b. $194,100c. $170,100d. $60,000

47.BHardRefer To: 7-1

What is the total period cost for the month under the absorption costing approach?a. $170,100b. $60,000c. $230,100d. $24,000

48.BMediumRefer To: 7-1

What is the net income for the month under variable costing?a. $8,100b. $3,900c. $12,000d. ($14,100)


What is the net income for the month under absorption costing?a. $3,900b. ($14,100)c. $12,000d. $8,100

Reference: 7-2Last year, Walsh Company manufactured 25,000 units and sold 22,000 units. Production costs were as follows:

Direct material .................. $100,000Direct labor ..................... 75,000Variable manufacturing overhead .. 50,000Fixed manufacturing overhead ..... 75,000

Sales totaled $440,000, variable selling and administrative expenses were $110,000, and fixed selling and administrative expenses were $45,000. There was no beginning inventory. Assume that direct labor is a variable cost.

50.BEasyRefer To: 7-2

Under absorption costing, the unit product cost would be:a. $9.00.b. $12.00.c. $13.40.d. $14.00.

51.AMediumRefer To: 7-2

Under absorption costing, the gross margin would be:a. $176,000.b. $242,000.c. $ 66,000.d. $ 21,000.


The contribution margin per unit would be:a. $15.00.b. $11.00.c. $ 8.00.d. $ 6.00.


Under variable costing, the total amount of fixed manufacturing cost in the ending inventory would be:a. $ 0.b. $ 9,000.c. $14,400.d. $27,000.


The net income under variable costing would be:a. $ 2,000.b. $21,000.c. $12,000.d. $ 9,000.


The net income under absorption costing would be:a. $ 9,000.b. $12,000.c. $ 2,000.d. $21,000.

Reference: 7-3Farron Company, which has only one product, has provided the following data concerning its most recent month of operations:

Selling price ............................ $92









What is the net income for the month under variable costing?a. $10,600b. ($17,000)c. $16,600d. $6,000


What is the net income for the month under absorption costing?a. ($17,000)b. $16,600c. $6,000d. $10,600

Reference: 7-4Jarvix Company, which has only one product, has provided the following data concerning its most recent month of operations:

Selling price ............................ $111



Fixed costs:Fixed manufacturing overhead ........... $ 61,600Fixed selling and administrative ....... 169,100

The company produces the same number of units every month, although the sales in units vary from month to month. The company's variable costs per unit and total fixed costs have been constant from month to month.






What is the net income for the month under variable costing?a. $25,900b. $2,100c. $17,800d. $18,500


What is the net income for the month under absorption costing?a. $2,100b. $25,900c. $18,500d. $17,800

Reference: 7-5Hatfield Company, which has only one product, has provided the following data concerning its most recent month of operations:

Selling price ............................ $123




64.CEasyRefer To: 7-5




66.DHardRefer To: 7-5



What is the net income for the month under variable costing?a. $6,600b. $5,600c. ($17,200)d. $12,200

Reference: 7-6Iancu Company, which has only one product, has provided the following data concerning its most recent month of operations:

Selling price ............................ $149







What is the net income for the month under variable costing?a. $27,300b. $16,200c. ($7,200)d. $11,100

Reference: 7-7The Pacific Company manufactures a single product. The following data relate to the year just completed:

Variable cost per unit:Production .................... $43Selling and administrative .... $15

Fixed costs in total:Production .................... $145,000Selling and administrative .... $ 95,000

During the last year, 5,000 units were produced and 4,800 units were sold. There were no beginning inventories.


Under variable costing, the unit product cost would be:a. $91.00.b. $72.00.c. $58.00.d. $43.00.


The carrying value of finished goods inventory at the end of the year under variable costing would be:a. $8,800 greater than under absorption costing.b. $8,800 less than under absorption costing.c. $5,800 less than under absorption costing.d. The same as absorption costing.


Under absorption costing, the cost of goods sold for the year would be:a. $206,400.b. $345,600.c. $278,400.d. $360,000.

Reference: 7-8Crystal Company's variable costing income statement for the month of May appears below:

Crystal CompanyIncome StatementFor the month ended May 31

Sales ($10 per unit) .............. $900,000Less variable costs:Variable cost of goods sold:Beginning inventory ......... $125,000Add variable cost of goodsmanufactured .............. 400,000Goods available for Sale .... 525,000Less ending inventory ....... 75,000Variable cost of goods sold . 450,000Variable selling expense ..... 90,000Total variable costs ..... 540,000Contribution margin ............... 360,000Fixed costs:Fixed manufacturing overhead ... 240,000Fixed selling and admin. ....... 90,000Total fixed costs ........ 330,000Net income ........................ $ 30,000

The company produces 80,000 units each month. Variable production costs per unit and total fixed costs have remained constant over the past several months.


The dollar value of the company's inventory on May 31 under the absorption costing method would be:a. $120,000.b. $ 90,000.c. $ 75,000.d. $ 60,000.


Under absorption costing, for the month ended May 31, the company would report a:a. $30,000 loss.b. $0 profit.c. $30,000 profit.d. $60,000 profit.

Reference: 7-9The following data were provided by Green Enterprises for the most recent period:

Units in beginning inventory ........ -0-Units produced ...................... 8,000Units sold .......................... 6,000

Variable costs per unit:Manufacturing ..................... $15Selling and administrative ........ 5Fixed costs, in total:Manufacturing ..................... $24,000Selling and administrative ........ 16,000


Under variable costing, the unit product cost is:a. $20.b. $18.c. $15.d. $22.


Under absorption costing, the unit product cost is:a. $20.b. $18.c. $15.d. $25.


For the period above, one would expect the net income under absorption costing to be:a. higher than the net income under variable costing.b. lower than the net income under variable costing.c. the same as the net income under variable costing.d. The relation between absorption costing net income and variable costing net income cannot be determined.

Reference: 7-10The following data pertain to one month's operations of Whitney, Inc.:

Units in beginning inventory ....... -0-Units produced ..................... 9,000Units sold ......................... 8,000

Variable costs per unit:Manufacturing .................... $10Selling and administrative ....... 6Fixed costs in total:Manufacturing .................... $18,000Selling and administrative ....... 27,000


The carrying value on the balance sheet of the ending finished goods inventory under variable costing would be:a. $16,000.b. $10,000.c. $19,000.d. $12,000.


The carrying value on the balance sheet of the ending finished goods inventory under absorption costing would be:a. $16,000.b. $10,000.c. $12,000.d. $21,000.


For the month referred to above, net income under variable costing will be:a. higher than net income under absorption costing.b. lower than net income under absorption costing.c. the same as net income under absorption costing.d. The relation between variable costing and absorption costing net income cannot be determined.

Reference: 7-11Bateman Company, which has only one product, has provided the following data concerning its most recent month of operations:

Selling price ............................ $117








Reference: 7-12During the last year, Snyder Co. produced 10,000 units of Product S. Costs incurred by Snyder during the year were as follows:

Direct materials ................... $11,000Direct labor ....................... 21,000Variable manufacturing overhead .... 6,100Variable selling and general ....... 3,100Fixed manufacturing overhead ....... 9,000Fixed selling and general .......... 4,100Total .............................. $54,300


The unit product cost under absorption costing would have been:a. $5.43.b. $3.81.c. $4.71.d. $4.12.


The unit product cost under variable costing would have been:a. $3.20.b. $3.81.c. $4.12.d. $3.51.

Reference: 7-13During the past year, Carr Company manufactured 25,000 units and sold 20,000 units. Production costs for the year were as follows:

Fixed manufacturing overhead ...... $250,000Variable manufacturing overhead ... $210,000Direct labor ...................... $120,000Direct materials .................. $180,000

Sales totaled $850,000, variable selling expenses totaled $110,000, and fixed selling and administrative expenses totaled $170,000. There were no units in beginning inventory. Assume that direct labor is a variable cost.


The contribution margin per unit would be:a. $12.10.b. $22.10.c. $17.70.d. $16.60.


Under absorption costing, the ending inventory for the year would be valued at:a. $179,500.b. $213,500.c. $222,000.d. $152,000.


The net income for the year under variable costing would be:a. $28,000 lower than under absorption costing.b. $28,000 higher than under absorption costing.c. $50,000 lower than under absorption costing.d. $50,000 higher than under absorption costing.

Reference: 7-14Last year, Harris Company manufactured 17,000 units and sold 13,000 units. Production costs for the year were as follows:

Direct materials...................... $153,000Direct labor.......................... 110,500Variable manufacturing overhead....... 204,000Fixed manufacturing overhead.......... 255,000

Sales were $780,000 for the year, variable selling and administrative expenses were $88,400, and fixed selling and administrative expenses were $170,000. There was no beginning inventory. Assume that direct labor is a variable cost.


The contribution margin per unit was:a. $17.50.b. $32.50.c. $27.30.d. $25.70.


Under absorption costing, the carrying value on the balance sheet of the ending inventory for the year would be:a. $190,800.b. $170,000.c. $230,800.d. $ 0.

90.dHardRefer To: 7-14

Under variable costing, the company's net income for the year would be:a. $60,000 higher than under absorption costing.b. $108,000 higher than under absorption costing.c. $108,000 lower than under absorption costing.d. $60,000 lower than under absorption costing.

Reference: 7-15Fahey Company manufactures a single product which it sells for $25 per unit. The company has the following cost structure:

Variable costs per unit:Manufacturing .................... $9Selling and Administrative ....... 3Fixed costs in total:Manufacturing .................... $72,000Selling and Administrative ....... 54,000

There were no units in beginning inventory. During the year, 18,000 units were produced and 15,000 units were sold.


Under absorption costing, the unit product cost would be:a. $ 9.b. $12.c. $13.d. $16.


The company's net income for the year under variable costing would be:a. $60,000.b. $81,000.c. $57,000.d. $69,000.

Reference: 7-16Erie Company manufactures a single product. Assume the following data for the year just completed:

Fixed costs in total:Selling and Administrative ... $60,000Production ................... $82,500

Variable costs per unit:Selling and Administrative ... $5Production ................... $8

There were no units in inventory at the beginning of the year. During the year 30,000 units were produced and 25,000 units were sold. Each unit sells for $35.


Under absorption costing, the unit product cost would be:a. $8.b. $17.75.c. $13.d. $10.75.


The company's net income under variable costing would be:a. $407,500.b. $421,250.c. $431,250.d. $417,500.

Reference: 7-17Chown Company, which has only one product, has provided the following data concerning its most recent month of operations:

Selling price ............................ $110








Reference: 7-18Delvin Company, which has only one product, has provided the following data concerning its most recent month of operations:

Selling price ............................ $120








Reference: 7-19Gabbert Company, which has only one product, has provided the following data concerning its most recent month of operations:

Selling price ............................ $90












Reference: 7-20Gordon Company produces a single product that sells for $10 per unit. Last year there were no beginning inventories, 100,000 units were produced, and 80,000 units were sold. The company has the following cost structure:

Fixed costs Variable costsRaw materials................ -- $2.00 per unit producedDirect labor................. -- 1.25 per unit producedFactory overhead............. $120,000 0.75 per unit producedSelling and administrative... 70,000 1.00 per unit sold


Net income under variable costing would be:a. $114,000.b. $210,000.c. $234,000.d. $330,000.


The carrying value on the balance sheet of the ending finished goods inventory under absorption costing would be:a. $ 80,000.b. $104,000.c. $110,000.d. $124,000.

Reference: 7-21Elliot Company, which has only one product, has provided the following data concerning its most recent month of operations:

Selling price ............................ $112





What is the net income for the month under variable costing?a. $18,000b. ($19,600)c. $9,600d. $8,400


What is the net income for the month under absorption costing?a. ($19,600)b. $9,600c. $8,400d. $18,000

Reference: 7-22Khanam Company, which has only one product, has provided the following data concerning its most recent month of operations:

Selling price ............................ $97



Fixed costs:Fixed manufacturing overhead ........... $ 67,200Fixed selling and administrative ....... 161,500

The company produces the same number of units every month, although the sales in units vary from month to month. The company's variable costs per unit and total fixed costs have been constant from month to month.


What is the net income for the month under variable costing?a. $8,500b. $9,300c. $3,200d. $15,100


What is the net income for the month under absorption costing?a. $8,500b. $9,300c. $3,200d. $15,100

Reference: 7-23DeAnne Company's variable costing income statement for August appears below:

DeAnne CompanyIncome StatementFor the month ended August 31

Sales ($15 per unit) ................ $600,000Less variable costs:Variable cost of goods sold:Beginning inventory .............. $ 72,000Add variable cost ofgoods manufactured ............. 315,000Goods available for sale ......... 387,000Less ending inventory ............ 27,000Variable cost of goods sold ...... 360,000Variable selling expense ......... 80,000Total variable costs .......... 440,000Contribution margin ................. 160,000Fixed costs:Fixed manufacturing .............. 105,000Fixed selling and administrative . 35,000Total fixed costs ............. 140,000Net income .......................... $ 20,000

The company produces 35,000 units each month. Variable production costs per unit and total fixed costs have remained constant over the past several months.

109.CHardRefer To: 7-23

The dollar value of the company's inventory on August 31 under the absorption costing method would be:a. $27,000.b. $42,000.c. $36,000.d. $47,000.


Under absorption costing, for the month ended August 31, the company would report a:a. $20,000 profit.b. $ 5,000 loss.c. $35,000 profit.d. $ 5,000 profit.

Variable Costing

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