1. How are fixed costs similar to step fixed costs? How are fixed costs different from step fixed costs? Give an

example of a step fixed cost and describe why that cost is not considered to be a fixed cost.

2.  Why is it important to keep the relevant range in mind when predicting total costs?
3. A company has adopted a lean production philosophy and has cut its inventory levels significantly. Describe the impact on the company’s external financial statements as a result of this inventory reduction. Also, describe the impact of the inventory reduction on the company’s internal financial statements which are prepared using variable costing.

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