In the figure above, what does label 4 refer to?
Definitions:
Variable Costing
A method of accounting that encompasses only the variable costs of production, such as direct materials, direct labor, and variable overhead, in the computation of product costs.
Net Income
The net earnings of a business once all costs and taxes are subtracted from its total income.
Variable Costing
An accounting method that only includes variable production costs (direct materials, direct labor, and variable manufacturing overhead) in product costs, with fixed overhead treated as a period expense.
Absorption Costing
An accounting method that includes all manufacturing costs (fixed and variable) in the cost of a product.
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