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A) Cost & Management Accountants must understand various costs involved in running business operations. This enables them to ascertain an accurate cost per unit, which

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A) Cost & Management Accountants must understand various costs involved in running business operations. This enables them to ascertain an accurate cost per unit, which leads towards proper profit and price planning. Such planning must be performed for survival in today's competitive environment Required: Differentiate between Product and Period Costs in detail with the help of relevant examples. (4 Marks)

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