AExplain the Difference Between the Variable and Absorption Costing Methods

question 193

Essay

a.Explain the difference between the variable and absorption costing methods.
b.Which method(s) are required for external reporting? For internal reporting?

---

Definitions:

Protons

Positively charged particles found within the nucleus of an atom.

Electrons

Subatomic particles with a negative electric charge, found in all atoms and acting as the primary carrier of electricity in solids.

Building Block

A fundamental component or base element used for constructing larger structures or systems.

Isotope

Variants of a particular chemical element which differ in neutron number, and consequently in nucleon number, but share the same number of protons.