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When is an offer incapable of being revoked?
Absorption Costing
A costing method that includes all manufacturing costs (both fixed and variable) in the cost of a product.
Net Income
The total earnings of a company after subtracting all expenses and taxes from total revenue.
Variable Costing
An accounting method that considers only variable costs in calculating the cost of goods sold and determines contribution margin.
Fixed Overhead
Costs that do not change with the level of production activity, such as rent, salaries, and insurance.
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