Last Exam

Question 1

VARIABLE COSTING

RVV.CFFO = Rain Very Very Cool For Fun Outside

Answer 1

Revenue
Variable Cost Of Goods Sold
Variable Period Costs
Contribution Margin
Fixed Product Costs 
Fixed Period Costs
Operating Income

Question 2

Variable COGS Calculation

Answer 2

Beginning Inventory
\+Variable Product Costs
=COGAS
- Ending Inventory
= VCOGS

Question 3

ABSORPTION COSTING

RCGV.FO = Real Cats Go Very Fast Outside

Answer 3

Revenue
COGS
Gross Margin
Variable Period Costs 
Fixed Period Costs
Operating Income

Question 4

Absorption COGS Calculation

Answer 4

Beginning Inventory
\+Fixed Product Costs
\+Variable Product Costs
=COGAS
- Ending Inventory
= COGS