Consider the following comments about absorption- and variable-costing income statements: I.A variable-costing income statement discloses a firm's contribution margin.II.Cost of goods sold on an absorption-costing income statement includes fixed costs.III.The amount of variable selling and administrative cost is the same on absorption- and variable-costing income statements.Which of the above statements is (are) true?
A. I only.
B. II only.
C. I and II.
D. II and III.
E. I, II, and III.
Answer: E
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