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Under absorption costing and variable costing, how are direct labor costs treated? Absorption Variable

a. Product Cost Product Cost b. Product Cost Period Cost c. Period Cost Product Cost d. Period Cost Period Cost

Under the perpetual inventory system, discounts taken on an invoice by the buyer would be ________

A) debited to Merchandise Inventory B) credited to Merchandise Inventory C) debited to Cost of Goods Sold D) credited to Cost of Goods Sold