1. Define the following terms: Direct Costs, Indirect Costs, Fixed Costs, Variable Costs. Calculate the total manufacturing cost and cost per unit for a product using the following information: Direct materials cost: $15,000 Direct labor cost: $12,000 Manufacturing overhead: $8,000 Units produced: 1,000

2. Explain the concept of the break-even point and how it is calculated. A company sells a product for $50 per unit. The variable cost per unit is $30, and the fixed costs are $20,000. Calculate the break-even point in units and sales dollars.

3. Define the term "variance" in the context of managerial accounting. Calculate the material price variance and material quantity variance using the following information: Actual quantity purchased: 1,000 units Standard price per unit: $10 Actual price per unit: $12 Standard quantity allowed: 800 units