Classify each cost as either variable or fixed with respect to the number of units produced and sold. Also indicate whether each cost is either product cost or period cost. (Fill X in the table given...

Extracted text: Classify each cost as either variable or fixed with respect to the number of units produced and sold. Also indicate whether each cost is either product cost or period cost. (Fill X in the table given in the answer sheet). a) “ The variable cost per unit varies with output, whereas the fixed cost per unit in constant". Do you agree? Justify your answers. b) Explain any 3 (THREE) differences between financial accounting and management accounting. c)


Extracted text: Various cast associated with the operation of factories are given below: Electricity to run production cost, Rent on factory building Cloth used to make drapes. Production supervisor salary. Wages of labourers assembling a product. Depreciation on air purification equipment used to make furniture. Factory janitorial salaries Tomatoes used in canning fruits. Lubricants for production equipment. Sugar used in soft drink production. Property tax on the factory. Wages for workers painting cars. Depreciation on canteen equipment. Insurance on building used in baking bread for sale. Cost of brakes used in manufacturing automobile. 1 2 3 5 6. 7 8 9. 10 11 12 13 14 15