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Part 2:Explain the following managerial accounting terms and provide areal-life example for eachaccounting term:administrative expenses and selling expenses. Explain why each accounting term iseither classified as a product cost or period cost.?Part 3:Explain the following inventory account and provide a real-lifeexample from three (3) differentmanufacturing companies:raw materials inventory.?Part 4:Explain the following inventory account and provide a real-lifeexample from three (3) differentmanufacturing companies:work-in-process inventory.?Part 5:Explain the following inventory account and provide a real-lifeexample from three (3) differentmanufacturing companies:finished goods inventory.?Part 6:Explain what financial statementinventory costsare capitalized to and why. Explain wheninventory costs are incurred as an expense. What account is usedto classify inventory costs as anexpense?