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What is the difference between pulmonary and systemic gas exchange?
Net Income
The total earnings of a company after subtracting all expenses, taxes, and losses.
Variable Costing Approach
An accounting method that considers only variable costs as product costs and all fixed costs as period costs, affecting inventory valuation and profitability.
Absorption Cost Approach
A costing method that includes all manufacturing costs — direct materials, direct labor, and both variable and fixed manufacturing overhead — in the cost of a product.
Fixed Costs
Expenses that do not change with the level of production or sales activities, such as rent, salaries, and insurance.
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