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Eddison Electric Company (EEC) provides electricity for several states in the United States. You have been employed as a cost accountant at this organization. As EEC's corporate business cost accountant, you will need to have a clear understanding of the different types of costs (variable, fixed, mixed, direct materials, direct labor, and overhead) that the company carries.
Describe the differences between variable, fixed, and mixed costs, and list an example of each.
Describe the differences between direct labor, direct material, manufacturing overhead, and nonmanufacturing costs, and list an example of each.
What is the different between internal and external auditors? Can external auditors reply on the work of internal auditors? Elaborate.
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Calculate the operating income for Spenser Co. for the year ended December 31, 2010 and calculate the company's net income for 2010.
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