Determine operating income for 20x0 assuming the firm uses, Accounting Basics

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Determine operating income for 20x0 assuming the firm uses

Question: Variable and Absorption Costing Kwan Manufacturing Company data for 20X0 follow:

1. Determine operating income for 20X0, assuming the firm uses the variable-costing approach to product costing. (Do not prepare a statement.)

2. Assume that there is no January 1, 20X0, inventory; no variances are allocated to inventory; and the firm uses a "full absorption" approach to product costing. Compute

(a) the cost assigned to December 31, 20X0, inventory, and

(b) operating income for the year ended December 31, 20X0. (Do not prepare a statement.)

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Accounting Basics: Determine operating income for 20x0 assuming the firm uses

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Accounting Basics: Determine operating income for 20x0 assuming the firm uses

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