I was given this question: Please see the Account Based Costing image, with abbreviations feeding into...

I was given this question: Please see the Account Based Costing image, with abbreviations feeding into the cost pools. Can you identify and give a short definition of each abbreviation? I think I know some of the abbreviations but not all. I need help to understand what the abbreviations are and a short description of each abbreviation. Thank you. The picture is not attaching.

Here are the abbreviations: DM, DL, VO, FO, VS, FS.

Expert Solution

DM : Direct Materials - Raw Materials used during the Production period for Production purpose.

DL : Direct Labour - Paid to Labours, who were engaged in Production purpose directly.

VO : Variable Overheads - Indirect Nature of Expenses related with Manufacturing and Non Manufacturing Activities.

FO : Fixed Overheads - Fixed Indirect Expenses related with Manufacturing and Non Manufacturing Activities.

VS : Variable Selling Cost - The expenses paid while selling the goods, related to the units which are sold.

FS : Fixed Selling Cost - These are Fixed Expenses which are required to be paid for selling of goods and apportioned only on units sold.

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