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Refer to the Following Information to Answer the Questions Below

question 15

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Refer to the following information to answer the questions below.
Fossils of Lystrosaurus, a dicynodont therapsid, are most common in parts of modern-day South America, South Africa, Madagascar, India, South Australia, and Antarctica. It apparently lived in arid regions, and was mostly herbivorous. It originated during the mid-Permian period, survived the Permian extinction, and dwindled by the late Triassic, though there is evidence of a relict population in Australia during the Cretaceous. The dicynodonts had two large tusks, extending down from their upper jaws; the tusks were not used for food gathering, and in some species were limited to males. Food was gathered using an otherwise toothless beak. Judging from the fossil record, these pig-sized organisms were the most common mammal-like reptiles of the Permian.
-There are at least a dozen known species in the extinct genus Lystrosaurus. If each species was suited to a quite different environment, then this relatively large number of species is likely due to

Definitions:

Opening Inventory

The quantity and value of stock available at the start of an accounting period.

Absorption Costing

A method of accounting that encompasses the total manufacturing expenses – encompassing direct materials, direct labor, as well as both variable and fixed overhead costs – within the product's cost.

Variable Costing

An accounting method that only considers variable costs in product pricing and decision making.

Fixed Overhead Expensed

The practice of charging fixed overhead costs to the income statement in the period they are incurred, rather than allocating them to products.