Match the following cost related terms with the appropriate description or definition. The choices are product costs, period costs, conversion costs, opportunity costs, irrelevant costs, fixed costs, sunk costs, variable costs, relevant costs.

$1.$ Past costs, never relevant

$2.$ Costs that differ between alternatives

$3.$ costs that vary in total, directly and proportionately with volume

$4.$ costst that do not vary in total with changes in volume

$5.$ benefits forgone when a decision is made

$6.$ costs related to and charged to inventory

$7.$ costs charged to expense in the period they are incurred

$8.$ costs of labor and overhead which are included in inventory