Identify the three major cost elements in the cost of a product or service. Define each

The purpose of Assessment item 1 is to establish the skills needed in the workplace for costing products and services using the appropriate processes and tools and apply analytical processes to construct accounting systems and models using workplace tools. Each question uses realistic data and the professional practices similar to that found in workplaces. Your assignment consists of different question styles including discussion questions, reports, exercises, problem questions and spreadsheet questions. It assesses learning outcomes as listed in the assignment rationale below. QUESTION 1 Management accounting and costs (4 marks) Identify the three major cost elements in the cost of a product or service. Define each and give examples. QUESTION 2 Costing (4 marks) Give three examples of products where more detailed recording of costs is required and three examples of products where averaging techniques may be appropriate. QUESTION 3 Cost concepts (4 marks) The monthly cost of renting a manufacturing plant is A a prime cost and an inventoriable cost. B a prime cost and a period cost. C a prime cost and a product cost. D a conversion cost and a period cost E a conversion cost and an inventoriable cost. Explain your answer. QUESTION 4 Manufacturing statement and income statement (18 marks) Spreadsheet. See the Spreadsheet Advice PDF in Interact2 Resources and the examples in your textbook. See the requirements within the spreadsheet template below. Check the assignment requirements in this subject outline paying particular attention to the spreadsheet requirements. Ensure you have separate data and report areas showing only formulas. Use IF functions to allow for the possibility of either a net income or a net loss. Show row and column headings and paste both a normal view and a formula view.