Question: 1. What are the three basic manufacturing cost categories? 2. What are the main difference between product costs and period costs? Give examples of each.

1. What are the three basic manufacturing cost categories?

2. What are the main difference between product costs and period costs? Give examples of each.

3. What is the difference between a fixed cost and a variable cost? Give examples of each.

4. What are differential costs? Opportunity costs? Sunk costs? Be specific and give examples of each.

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