Answer the following question(s) using the information below.Heinrich Corporation budgeted fixed manufacturing costs of $6,000 during 2012.Other information for 2012 includes:
The company uses absorption costing and the fixed manufacturing cost rate is based on the budgeted denominator level.Manufacturing variances are closed to cost of goods sold.
-Operating income using absorption costing will be ________ than operating income if using variable costing.
Definitions:
Classified Balance Sheet
A balance sheet that organizes assets and liabilities into subcategories like current and long-term.
Unclassified Balance Sheet
A balance sheet that presents assets and liabilities without categorizing them into long-term or short-term classifications.
Current Ratio
A company's short-term financial health, specifically its ability to settle obligations due within a year, is gauged by this ratio, which is the quotient of current assets and current liabilities.
Broad Categories
General classifications or groups into which items or concepts can be divided based on common characteristics.
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