Question: 1. Differentiate the fixed costs and variable costs. 2. What is the difference between the step-fixed costs and step-variable costs? 3. Explain the three different

1. Differentiate the fixed costs and variable costs.
2. What is the difference between the step-fixed costs and step-variable costs?
3. Explain the three different methods in separating mixed costs, what are their advantages and disadvantages?
-High-low
-Scattergraph
-Least-squares
4. What are prime costs and what are conversion costs?
5. How do you get total manufacturing costs?

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