18.

1. Define the following terms and define how they are used. If applicable, describe examples of each term

a.Period costs

b. Product costs

c.Direct Cost

d. Indirect Costs

e. Prime Costs

f.Conversion Costs

2. Define how to prepare the cost of goods manufactured statement. Express how to calculate the numbers within the statement for example, materials used, cost of goods manufactured, etc.

3. Differentiate between managerial and financial accounting

21.

7. Define the following terms and understand their application for Cost-Volume-Profit Analysis. Also, describe how the costs behave per unit and in total and how it can be shown on a graph.

a.Fixed costs

b. Variable costs

c.Mixed costs

8. Define the formulas and how to use them to calculate the following values

a.Contribution Margin

b. Contribution Margin Ratio

c.Breakeven in sales units

d. Breakeven in sales dollars

e. Target profit