1. Under variable costing, which of the following is not considered a product cost?
Direct materials
Direct labor
Fixed manufacturing overhead
Variable manufacturing overhead
2. Under absorption costing, which of the following is not considered a product cost?
Direct labor
Fixed manufacturing overhead
Variable manufacturing overhead
Administrative costs
3. ISO 9000 is a family of standards, developed by the International Organization for Standardization, representing an international consensus on good quality management practices.
true or false
4. The break-even point is the output volume level where the firm realizes a $0 net profit.
true or false