1. What are the three inventory accounts? List them, describe them and provide an example of the types of costs included in each inventory account.

2. What is the relevant range? Why would cost behaviour changes outside the relevant range? In your answer, describe an example (or examples) in your response.

3. Compare and contrast committed fixed costs and discretionary fixed costs. in your answer, provide at least one example of each type of cost and explain why it is a committed fixed cost or a discretionary fixed cost.