In Income Statements Prepared Under Absorption Costing and Variable Costing $\quad$

Short Answer

In income statements prepared under absorption costing and variable costing, where would you find the terms contribution margin and gross profit? $\quad$$\quad$$\quad$$\begin{array}{llcc} \underline{ \text { Contribution margin }} &\quad\quad\quad\quad\quad\quad\quad\quad \underline{\text { Gross profit }} \\\end{array}$
a) $\text { In absorption costing income statement } \quad \text { In variable costing income statement }$
b) $\text { In absorption costing income statement } \quad \text { In both income statements }$
c) $\text { In variable costing income statement } \quad\quad \text { In absorption costing income statement }$
d) $\text {In both income statements }\quad\quad\quad\quad\quad \quad \text {In variable costing income statement}$