Examlex
What are the two types of price fixing? Briefly define each.
Variable Costing
A costing method that includes only variable production costs (direct materials, direct labor, and variable manufacturing overhead) in the cost of goods sold and treats fixed overhead as a period expense.
Activity Base
A measure used to assign costs in activity-based costing, reflecting the volume of activity that drives costs.
Service Firm
A business that provides intangible products or services to consumers or other businesses.
Contribution Margin
The amount remaining from sales revenue after variable expenses are deducted, contributing to covering fixed costs and generating profit.
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