1. Name the three inventory accounts for a manufacturing business, and in your own words describe what each balance represents at the end of an accounting period.
2. What are the three major elements of a product's cost in a manufacturing company. Think of two real-life products and name costs that would go into making each of those products.
3. Give the general formula for a mixed cost. What does each term represent? Provide an example of a product or service with a mixed cost.