A(n) ____________________ Is an Equation That Calculates a New Value

question 2

Short Answer

A(n) ____________________ is an equation that calculates a new value from values currently in a worksheet, such as adding the numbers in cell A1 and A2.

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Definitions:

Variable Costing

A method of cost accounting in which only variable production costs (materials, labor, and variable overhead) are included in the cost of a unit of product.

Unit Product Cost

The total cost to produce one unit of a product, including direct materials, direct labor, and overhead allocated on a per-unit basis.

Absorption Costing

This method in accounting ensures that the costing of a product fully reflects all manufacturing expenses, which cover direct materials, direct labor and all overhead costs, fixed and variable alike.

Variable Costing

This is an accounting technique that incorporates only the variable costs of production, including direct materials, direct labor, and variable manufacturing overhead, into the costs of products.