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Dmitrij [34]
3 years ago
6

True or false?John says to his friend, "This concert is going to cost me $20 when I buy the ticket." His friend corrects him and

says, "actually, this concert will cost you more than $20 since you have to miss work." His friend is referring to the opportunity cost.
Business
1 answer:
Illusion [34]3 years ago
5 0

Answer:

True

Explanation:

Opportunity cost refers to the value of a missed chance as a result of deciding a certain way. It is the forfeited benefit of choosing one option over another. Economists determine the opportunity cost by calculating the value of the next best alternative.

If John buys the ticket, it will cost $20.  Attending the concert will cause him not to do his homework, as he cannot be in two places at the same time. The consequence of him not doing his homework is the opportunity cost. Attending the concert will, therefore, cost him the $20 and the opportunity cost.

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3 years ago
Tyare Corporation had the following inventory balances at the beginning and end of May:
Ivenika [448]

Answer:

The correct answer is option (b) $5400

Explanation:

Solution

Calculation of the cost of direct material on May 1

Now,

The starting work In process inventory = Direct materials Cost  + Direct labor  Cost + Manufacturing overhead applied on W.I.P

13,500 = Direct materials cost  + 4500 + 3600

Thus,

Direct material cost = 13500 - 4500-3600 = $5400

Note:  Direct labor cost = 300 * 15 = $ 4500

The manufacturing overhead = 300 hour *  $12 = $ 3600

So, only expenses associated to work in process will be considered, hence only direct labor and manufacturing overhead are used to work in process are considered.

8 0
3 years ago
On December 31, 2020, Culver Inc. rendered services to Beghun Corporation at an agreed price of $124,077, accepting $48,000 down
Furkat [3]

Answer

The answer and procedures of the exercise are attached in the following images.

Explanation  

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7 0
3 years ago
Warren corporation purchased a truck at a cost of $60,000. It has an estimated useful life of five years and estimated residual
s344n2d4d5 [400]

Answer:

What is the amount of depreciation that warren should record for year 3 under the straight-line depreciation method? $15500

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6 0
3 years ago
Assume the government sets a price ceiling, or maximum price800 rent per month Based on the graphwhat will be the outcome of thi
Semmy [17]

The outcome of the ceiling price $800 rent is that the quantity supplied will remains at the same.

<h3>What is a price ceiling?</h3>

This refers to a price order by the government that keeps a price from rising above a certain level known as the “ceiling”.

In the graph, the horizontal line at the price of $800 shows the maximum price set by the rent control law.

The forces that shifted the demand curve to the right are still there, but, at this price, the quantity supplied will remains at the same 15,000 rental units although the quantity demanded is 19,000 rental units.

Read more about price ceiling

<em>brainly.com/question/2759444</em>

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5 0
2 years ago
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