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Matching
Identify the letters of the choices that best match the phrases or definitions.
-Developed by the U.S. Navy to manage very complex projects
Variable Costing
An accounting approach where only variable production costs (direct materials, direct labor, and variable manufacturing overhead) are included in product costs, with fixed overhead treated as a period expense.
Unit Product Cost
The total cost associated with producing a single unit of product, including direct materials, direct labor, and allocated overhead.
Absorption Costing
An accounting method that includes all manufacturing costs (direct labor, direct materials, and both variable and fixed manufacturing overhead) in the cost of a product.
Unit Product Cost
The total cost (both fixed and variable) incurred to produce, store, and sell one unit of a product.
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