Chp 7: Variable Costing a Tool for Management

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Absorption Costing

A costing method that includes all manufacturing costs--direct materials, direct labor, and both variable and fixed manufacturing overhead--in unit production costs.

Fixed manufacturing overhead costs deferred in inventory

The portion of the fixed manufacturing overhead cost of a period that goes into ending inventory under the absorption costing method.

Fixed manufacturing overhead xost released from inventory

The fixed manufacturing overhead cost of a prior period that becomes an expense of the xurrent period under the absorption costing method.

Variable costing

A costing method that includes only variable manufactuing costs--direct materials, direct labor, and variable manufacturing overhead--in unit product costs.

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