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QUESTIONS 1. Define: period cost, expenses, variable costs, and fixed costs. 2. Identify manufacturing cost elements. 3. Identify some use of cost classification for normal

QUESTIONS 1. Define: period cost, expenses, variable costs, and fixed costs.

2. Identify manufacturing cost elements.

3. Identify some use of cost classification for normal operation in a company.

4. Describe the importance of cost classification for decision making.

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