• Understand cost classifications for different purposes
• What are the three major types of product costs in a manufacturing company?
• Define the following: a) direct materials (DM), b) indirect materials, c) direct labor (DL), d) indirect labor, and e) manufacturing overhead (MOH).
• Explain the difference between a product cost and a period cost
• Distinguish between a) a variable cost (VC), b) a fixed cost, c) a mixed cost
• What effect does a change in the level of activity have on: a) the per unit fixed cost?, b) the per unit variable cost?, c) the total fixed cost?, d) the total variable cost?

Need help on identifying these terms