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3 years ago

Explain the difference between implicit and explicit costs

1 answer:

5 0

Explicit costs are reported in business documents. They are also known as direct costs. Explicit costs result in tangible assets for the company. Some examples are: rent, wages, maintenance. Explicit costs are easier to identify and account for because they leave a paper trail.

Implicit costs can be described as opportunity costs. Implicit costs deal with intangibles and do not leave a paper record. Implicit costs can be time or wasted opportunities, for example. An implicit cost is simply the loss of a possible benefit or asset that didn't occur.

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Please see attachment

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The equivalent units for conversion costs= 6,912 units

Explanation:

The weighted average method of valuation would be used to determine the the equivalent units for conversion costs

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Total equivalent units 6,912 

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