Examlex
The main difference between variable costing and absorption costing is the way in which fixed manufacturing costs are accounted for.
Direct Costs
Direct costs are expenses that can be directly attributed to the production of a specific product or service, such as raw materials and labor costs.
Factory Supplies Expense
The cost associated with supplies used in the production process within a manufacturing facility.
Depreciation Expense-Factory
The portion of a factory's fixed assets' cost allocated as an expense during a fiscal period, due to wear and tear.
Permanent/Temporary
Refers to elements in financial or other records that either remain constant over time (permanent) or exist only for a specific period before being eliminated (temporary).
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