The following table shows the units of the output sold at different price levels by Gizmo's Inc. Table 10.1
According to Table 10.1, Gizmo's cannot be:
Definitions:
Absorption Costing
An accounting method that includes all manufacturing costs (direct materials, direct labor, and both variable and fixed overhead) in the cost of a product.
Variable Costs
Additional costs incurred when unit production increases. Variable costs per unit usually are assumed not to vary with volume.
Inventory Costing Method
A system used to value inventory, often involving methods such as First-In, First-Out (FIFO) or Last-In, First-Out (LIFO).
Step-fixed Costs
Costs that remain constant for a certain level of activity, but can change when a new activity level is reached.
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