Part 2:

Explain the following managerial accounting terms and provide a real-life example for each

accounting term:

administrative expenses and selling expenses

. Explain why each accounting term is

either classified as a product cost or period cost.

Part 3:

Explain the following inventory account and provide a real-life example from three (3) different

manufacturing companies:

raw materials inventory

.

Part 4:

Explain the following inventory account and provide a real-life example from three (3) different

manufacturing companies:

work-in-process inventory

.

Part 5:

Explain the following inventory account and provide a real-life example from three (3) different

manufacturing companies:

finished goods inventory

.

Part 6:

Explain what financial statement

inventory costs

are capitalized to and why. Explain when

inventory costs are incurred as an expense. What account is used to classify inventory costs as an

expense?