Imagine that your team is going to open its own manufacturing business, making List and describe the costs that would be involved. There is no need to provide quantities, costs, or other amounts. Just list the costs and describe them if and as necessary to clarify your plan: Be sure to classify the costs correctly using information covered in this course. Provide enough information about the cost to justify why your classification is correct. List enough examples in each category to demonstrate the completeness of the production, selling, and administrative functions of your business. Note that this is a team project and no individual projects will be accepted. TYPE OF COST FIXED? VARIABLE? DESCRIPTION OF COST This is optional. List any information necessary to clarify your cost. PRODUCT COSTS: Direct materials Direct labor Manufacturing Overhead PERIOD COSTS: Selling Administrative What sunk costs are relevant to your company? Why are these sunk? If none are relevant, why aren't any sunk costs applicable to your business? What opportunity costs would you consider when deciding to open your business?