Identifying Costs Project Team members (no more than three): Imagine that your team is going to open its own manufacturing business, making .List and describe the costs that would be involved. You do not need to provide quantities, costs, or other amounts. Just list the costs and describe them as necessary to clarify your plan. Be sure to correctly classify the costs 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. While individual projects will be accepted, it is highly recommended that you complete this project in a team of at least two members. Type of Cost Fixed Variable Description of Cost ? ? Product Costs: Direct Materials Direct labor Manufacturing Overhead Period Costs: Selling Administrative Identifying Costs Project What sunk costs are relevant to your company? Why are these sunk? If none are relevant, why are there no sunk costs? What sunk costs are relevant to your company? Why are these sunk? If none are relevant, why are there no sunk costs? What opportunity costs would you consider when deciding to open your business