You have just been appointed the accountant of the Asuogyaman district assembly. At a meeting with the MP of the constituency and his management unit, you have been asked to explain the following cost to enable members of the unit to asquint themselves with costing terms. Explain and classify the expenses below to the appropriate cost terms making sure each term is used only once. Alternatively, as the accountant uses the appropriate costing terminology to explain the expenses incurred in Andes manufacturer company, a company which is into mining in the Scandinavian city of Goteborg The minerals are drilled by a team each paid a wage cost of GH 2,700 per year. For the year just ended 2020 Andes rent a mineral concession for GH 250,000 and therefore did not mine at all

The management of Andes spent GH 120,450 assessing the marketability of their product before establishing the drilling Plant in the city.

The workers digging the minerals are supervised at a yearly salary of GH 25,000

The Andes produce machinery for the mines for drilling. This machinery periodically experiences non-performance. The drilling departs on that note rent a set of equipment in place of the machinery at Ghc 42,000.

The cost of changing raw mineral to become an end product which the whites can wear occasionally is GH 1,230.

The capacity of the machines used to make the mineral dwindled in value by GH 7,390

Andes keeps her expatriate staff in quest rooms in the factory yet included rent as GH 1,500 per month in its end of year account