Identify the treatment of each of the following costs under variable costing and absorption costing:?Variable CostingAbsorption Costing?Product CostPeriod CostProduct CostPeriod Cost1. Direct materials????2. Direct labor????3. Variable manufacturing overhead????4. Fixed manufacturing overhead????5. Variable selling????6. Fixed selling????7. Variable administrative????8. Fixed administrative????
What will be an ideal response?
| ? | Variable Costing | Absorption Costing | ||
| ? | Product Cost | Period Cost | Product Cost | Period Cost |
| 1. Direct materials | X | ? | X | ? |
| 2. Direct labor | X | ? | X | ? |
| 3. Variable manufacturing overhead | X | ? | X | ? |
| 4. Fixed manufacturing overhead | ? | X | X | ? |
| 5. Variable selling | ? | X | ? | X |
| 6. Fixed selling | ? | X | ? | X |
| 7. Variable administrative | ? | X | ? | X |
| 8. Fixed administrative | ? | X | ? | X |
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