(Solved): Group Assignment Submission (a) Based on your research, describe the concepts of: (i) Direc ...

Group Assignment Submission (a) Based on your research, describe the concepts of: (i) Direct cost $$(2$$ marks) (ii) Indirect cost. (2 marks) (iii) Variable cost (2 marks) (iv) Fixed cost. (2 marks) (b) Explain through research the importance of cost accounting in your industry. $$(8$$ marks) (c) In order to produce the product (selected by group), provide FOUR (4) examples for each of the following: (i) Material costs (4 marks) (ii) Labor costs (4 marks) (iii) Other costs (4 marks) (d) Refer to part (c), classify each example of material costs, labor costs and other costs into the following categories and apply the concepts you have described at part (a) to support your decision. (i) Direct material Direct labor Factory Overhead (20 marks) Continue from group assignment questions: (e) Refer to your answers at part (d), select any TWO (2) of the following - Variable costs changed to fixed costs (20 marks) - Fixed costs changed to variable costs $$(20$$ marks) - Direct costs changed to indirect costs $$(20$$ marks) - Indirect costs changed to direct costs. $$(20$$ marks) (f) For each of your selected items, research and perform a simple analysis on the factors (can be internal or external) that trigger the change. $$($$ Total $$=40$$ marks)