Explanation: Actual cost:The total amount of money expended during the completion of the project is known as the actual cost. The actual cost of the work is calculated at the time of completion of work.Actual Cost = Direct Costs + Indirect Costs + Fixed Costs + Variable Costs + Sunken CostsAs you can see above, the actual cost formula factors in several types of project costs. ● Direct Costs: Obvious costs directly related to your projects like fixed costs and variable costs. ● Indirect Costs: Additional cost that supports your project but is not easily measured like administrative services. ● Fixed Costs: Costs that remain consistently the same throughout the project, such as cost to rent equipment. ● Variable Costs: Changing costs during the course of the project. An example the hours of anticipated labor for a project might be greater than the actual time it took for labor to be complete. ● Sunken Costs: These are costs that have incurred due to an error or change of scope that must be included in the total cost of the project.