Place the number of the appropriate definition in the blank next to each concept.
_________Period cost 1. Cost that varies with the volume of activity.
_________Indirect cost 2. Sacrifice of resources.
_________Fixed cost 3. Cost charged against revenue in a particular accounting period.
_________Opportunity cost 4. Cost that is part of inventory.
_________Outlay cost 5. Cost that can more easily be attributed to time intervals.
_________Direct cost 6. Past, present, or near-future cash flow.
_________Expense 7. Lost benefit from the best forgone alternative.
_________Cost 8. Cost used to compute inventory value according to GAAP.
_________Variable Cost 9. Cost that cannot be directly related to a cost object.
_________Full absorption cost 10. Cost that can be directly related to a cost object.
_________Product cost 11. Cost that does not vary with the volume of activity.