Which of the following statements is true?
◦ When production is equal to sales, operating income will be greater under variable costing than under absorption costing.
◦ When production is greater than sales, operating income will be lower under variable costing than absorption costing.
◦ When production is less than sales, operating income is higher under absorption costing than variable costing.
◦ When production is greater than sales, operating income is greater under absorption cost than under variable costing.