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The income statement prepared under full costing, also known as absorption costing, and marginal costing will give similar results under specific conditions where the impact of fixed manufacturing overhead on inventory valuation becomes neutral. In absorption costing, both fixed and variable manufacturing costs are included in the cost of production, meaning that a portion of fixed manufacturing overhead is allocated to each unit produced and carried in inventory. In contrast, marginal costing includes only variable manufacturing costs in the cost of production, while fixed manufacturing overhead is treated as a period expense and charged entirely to the ______ _________ _____ ____ _____ ____.
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