Question: Please explain the following questions: QUESTION #1 What makes a cost relevant or irrelevant? Identify the two types of relevant costs. Why are sunk costs

Please explain the following questions:

QUESTION #1

What makes a cost relevant or irrelevant? Identify the two types of relevant costs. Why are sunk costs irrelevant in deciding whether to sell a product in its present condition or to make it into a new product through additional processing?

QUESTION #2

Is nonfinancial information ever useful in managerial decision making? Identify some qualitative factors that could be considered when making managerial decisions. Give an example

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