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When Kendra is in her college classes,she seems quiet,kind,polite,and hardworking.But when she gets home,she lets her hair down and "real" Kendra emerges-a Kendra that is nothing like how she appears in her classes.This
Illustrates the difference between
LIFO
Last In, First Out, an inventory valuation method where the most recently produced items are recorded as sold first.
Absorption Costing
A method of accounting in which all the costs associated with the production of a product are absorbed by that product. This includes direct costs like materials and labor, as well as fixed and variable overhead.
Variable Costing
An accounting method that only includes variable production costs (direct materials, direct labor, and variable manufacturing overhead) in product costs.
Net Operating Income
The income generated from normal business operations, calculated by deducting operating expenses from gross income.
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