A method of assigning overhead costs to a product using a single overhead rate is: Multiple Choice a. Plantwide overhead rate method. b. Cost pool overhead rate method. c. Departmental overhead rate method. d. Activity-based costing. e. Overhead cost allocation method.

Plantwide Overhead Rate.

Explanation:

This is a system that incorporates all of a company's manufacturing overhead costs to its production output. Examples of such costs would be maintenance, depreciation, electricity etc. ( also known as indirect costs). It is calculated using machine or labour labour hour or percentage of a product's direct cost. This system is most suitable when the company manufactures similar products.

Absorption and Variable Costing Income:

The true statements are:

D) I and II.

Explanation:

If these two figures (production and sales volumes) are equal, the implication is that there are no beginning and ending inventories of goods.  Therefore, the yearly income reported under the two costing systems will be the same.

The claim of statement II is that it is only in the long-run that the total income reported under the two systems will be close to each other.  This holds true where there are beginning and ending inventories of goods as established earlier.