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Giant Ltd. owns 100% of the stock of Middle Corporation. Bottom Corp is owned 60% by Giant and 40% by Middle.
Giant's Federal consolidated income tax return includes both Middle and Bottom.
Variable Overhead
Costs that vary with production volume, such as utilities or materials, as opposed to fixed overhead costs.
Direct Materials
Raw materials that can be directly attributed to the production process of specific goods or services.
Direct Labor-Hours
A measure of the work done by production workers, calculated in hours.
Variable Overhead
Variable overhead refers to costs that change in proportion to the production activity or business operations levels, such as utilities or materials.
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