Answer:
opportunity cost is define as given below
Explanation:
- Opportunity cost can be defined as sacrifice for the individual, company or government. The opportunity cost of obtaining products or services is a forgiving option. For a person who aims to maximize his benefit from his limited available resources, he must allocate these limited resources to those who are most important. Opportunity Costing helps a person make good use of their scarce resources. .
- Opportunity cost is also important for a company because the company has to allocate its limited available raw materials to produce a certain product with high demand at the expense of other products that are less demanding.
Since it’s a credit card you must subtract 330.19-50.00 = 280.19 then with the fine you add 280.19+4.20= 284.39. So the new balance is $284.39
Answer:
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Answer:
Labor Rate Variance:
= Actual direct labor hours × (per actual direct labor hour price - per Standard direct labor hour price)
= 368 × (16.50 - 15)
= $552 U
Labor Efficiency Variance:
= Per Standard direct labor hour price × (Actual direct labor hours - Standard direct labor hours)
= 15 × (368 - 400)
= $480 F
The journal entry to record labor variances is:
Work in process A/c Dr. $6000
Labor rate variance A/c Dr. $552
To Labor efficiency variance $480
To Payroll $6,072
(To record labor variances)
1 - D
2 - A
3 - B
4 - C
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