The Carrying Value on the Balance Sheet of the Ending

question 74

Multiple Choice

The carrying value on the balance sheet of the ending finished goods inventory under variable costing would be:

• A)the same as under absorption costing
• B)$1,500 less than under absorption costing
• C)$2,000 higher than under absorption costing
• D)$2,000 less than under absorption costing

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Definitions:

Severe Discrepancy

A significant gap often referred to in education and psychology, which indicates a substantial difference between expected performance, based on age or grade, and actual performance, often used in diagnosing learning disabilities.

Intellectual Functioning

The general capacity of an individual to reason, plan, solve problems, think abstractly, comprehend complex ideas, learn quickly, and learn from experience.

Academic Achievement

The extent to which a student, teacher, or institution has achieved their short or long-term educational goals.

Metacognitive Skills

Abilities that enable an individual to understand, control, and manipulate their own cognitive processes, such as learning, memory, and problem-solving.