A cost incurred in the past that is not relevant to any current decision is classified as a(n): Sunk costs
This is further explained below.
<h3>What are
Sunk costs?</h3>
Generally, A cost that has already been incurred but cannot be recouped is referred to as a "sunk cost" in economics and the process of making business decisions. In contrast to sunk costs, prospective costs are future expenses that might be avoided if action is done, while sunk costs have already been incurred.
In conclusion, A cost that was incurred in the past but is not relevant to any choice that is being made at this time is considered to be a(n): Incurred expenses
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Answer:
May 15, 2020
No Entry
June 15, 2020
Debit: Account Receivable 2,060
Credit Revenue 2,060
Debit COGS 1,380
Credit Inventory 1,380
July 15, 2020
Debit Cash 2,060
Credit Account Receivable 2,060
Explanation:
Preparation of the journal entries for Splish related to this contract.
May 15, 2020
No Entry
June 15, 2020
Debit: Account Receivable 2,060
Credit Revenue 2,060
Debit COGS 1,380
Credit Inventory 1,380
July 15, 2020
Debit Cash 2,060
Credit Account Receivable 2,060
Answer:
40,000 units
Explanation:
Given that,
Selling price per unit = $45 per unit
Variable cost per unit = $25
Fixed cost = $800,000
Contribution margin per unit:
= Selling price per unit - variable cost per unit
= $45 - $25
= $20
Break - Even units:
= Fixed cost ÷ Contribution margin per unit
= $800,000 ÷ $20
= 40,000 units
Therefore, the Break - Even sales in units are 40,000.
Answer:
c. cost-leadership strategy
Explanation:
Contour Autos tend to decrease the price of the product and that the quality served of the product is acceptable and not degraded. In this manner as against the normal industry the company supplies same quality goods at lower prices.
This decreases the cost for consumers and therefore, it is termed as Cost-Leadership strategy.
The Company tends to lead in the market through lower cost of goods supplied with the same quality.
Answer:
Marginal utility of each becomes negative
Explanation:
Utility is defined as the level of satisfaction that a person gets from consuming a product.
The person keeps on consuming the item until the level of marginal utility for the product becomes less than zero.
That is there is no satisfaction anymore in consuming the product.
In the given instance Thomas will continue to consume both candy bars and ice cream until the level of satisfaction (marginal utility) is now less than zero or negative
