QUESTION 3 Select the best definition for the each cost listed below: Costs that change in proportion to changes in volume of activity A. Variable Cost The potential benefit lost by choosing a specific action from two or more B. Fixed Cost alternatives. C. Sunk Cost Manufacturing expenditures that cannot be separately or readily traced to D. Opportunity Cost finished goods. E. Factory Overhead . v Expenditures incurred in the process of converting raw materials to finished products, include direct labor and factory overhead. F. Prime Cost Costs that have already been incurred and cannot be avoided or changed. G. Indirect Cost Expenditures directly associated with the manufacture of finished H. Conversion Cost products, include direct materials and direct labor. Costs that do not change with changes in the volume of activity. Costs that are incurred for the benefit of more than one cost object