Fomtech,Inc

question 93

Multiple Choice

Fomtech,Inc.had net income of $750,000 based on variable costing.Beginning and ending inventories were 50,000 units and 48,000 units,respectively.Assume the fixed overhead per unit was $.75 for both the beginning and ending inventory.What is net income under absorption costing?

• A) $751,500
• B) $676,500
• C) $823,500
• D) $748,500
• E) $750,000

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Definitions:

Cultural Norms

Shared expectations and rules that guide behavior of people within social groups, often passed through generations and influencing social conformity.

Structuralism

An early school of psychology that analyzed the basic elements of thoughts and sensations to understand the structure of the mind.

Conscious Experience

The awareness of internal and external stimuli, encompassing thoughts, feelings, and perceptions.

Introspection

The examination or observation of one's own mental and emotional processes.