1)Explain the difference between direct and indirect costs. Also, describe how indirect cost are allocated to revenue generating departments.
2)Describe the behavior of fixed, variable, semi variable and semifixed costs. In addition, explain the purpose of calculating contribution margins and break-even volumes.
3)Describe the following: a) the difference between productive time and nonproductive time; b) regulatory requirements that affect staffing.
4)Describe the interrelationship between inventory and cost of goods sold. Also, explain the effect of LIFO and FIFO methods on the value of inventory and net income.
