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Describe the following terms in your own words and why they are important to a manufacturing, retail, or service company ? 1. Product Cost 2.

Describe the following terms in your own words and why they are important to a manufacturing, retail, or service company ? 1. Product Cost 2. Period Cost 3. Fixed Cost 4. Variable Cost 5. Relevant Range 6. Cost Behavior 7. Opportunity Cost 8. Sunk Cost 9. Direct Material Cost 10. Direct Labor Cost

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