Examlex
Pair a word or phrase in Column A to one that best fits in Column B
LIFO
Last In, First Out, an inventory valuation method where the most recently produced or acquired items are the first to be expensed.
Variable Costing
A costing method that includes only variable manufacturing costs—direct materials, direct labor, and variable manufacturing overhead—in the cost of a product.
Absorption Costing
A method of costing that includes all manufacturing costs - direct materials, direct labor, and both variable and fixed overheads - in the cost of a product.
Net Operating Income
This is the total profit of a business after operating expenses are subtracted from gross revenue but before taxes and interest expenses are deducted.
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