Using the knowledge acquired in lecture (Lecture 1 - 2) of management accounting, explain all the cost classification in terms of the factory that you are operating? Answer Framework: Paragraph 1 You are currently managing a hospitality & tourism industry. Identify the service that is being provided by your business. (not more than 50 words) Paragraph 2 Explain the concept of cost (in general) that is associated to the industry. (50 - 100 words) Paragraph 3 Explain the concept of direct cost associated to the product that your factory is producing. Explain the concept of direct material (if any) & direct labour. Identify the direct materials and direct labour cost involved in your chosen product. (150 words) Paragraph 4 Explain the concept of indirect cost associated to the product. Explain the concept of manufacturing overheads. Identify the manufacturing overhead involved in the process of production. Paragraph 5 Explain the concept of product cost and period cost associated to the product. Identify the product cost and period cost associated to your business. Paragraph 6 Explain the concept of variable cost and fixed cost associated to the product. Identify the variable cost and fixed cost associated to your business. (Show the graphs of the cost) Paragraph 7 Explain the concept of total cost, associated to the services