Discuss three cost accounting objectives. Define the relevant range of activity. Distinguish between product costs and period costs. What are the three major components of manufacturing costs ? Distinguish between direct materials and indirect materials, between direct labor and indirect labor. Define prime costs and conversion costs. Distinguish between variable factory overhead and fixed factory overhead. What are direct costs? What are indirect costs? What are controllable costs? What arc uncontrollable costs? Why is it important to distinguish controllable costs and uncontrollable costs? Is a fixed cost an incremental cost? Give an example in which a fixed cost is an incremental cost. What are sunk costs? What are opportunity costs? Describe the flow of costs in a manufacturing company. What is the major difference between the balance sheets of manufacturing firms and of merchandising firms? What is the major difference between the income statements of manufacturing firms and of merchandising firms