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Consider the following code snippet: What does this code do?
Variable Cost
Costs that change in proportion to the level of production or business activity, such as materials and labor.
Income Statement
A fiscal report displaying a business's incoming funds, outgoings, and profit for a designated time frame.
Relevant Range
The span of activity level within which the assumptions about variable and fixed cost behaviors hold true.
High-low Method
A technique used in managerial accounting to estimate fixed and variable costs by analyzing the highest and lowest levels of activity and the associated costs.
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