Explain sunk cost, opportunity cost, and accounting cost, and provide three examples of each.

Explain how each of these costs relates to developing managerial accounting information required for decision making.

Summarize why a manager should understand these concepts, providing an example to support your rationale.

Explain the differences between fixed and variable costs and provide three examples of each type of cost$.$

Summarize the importance for managers to classify these costs correctly, including how the correct classification can inform decision making.