Answer:
see below
Explanation:
a. What you give up for taking some action is called the <u>opportunity cost. </u>
b. <u>Average total cost</u> is falling when marginal cost is below it and rising when marginal cost is above it.
c. A cost that does not depend on the quantity produced is a <u>fixed cost.</u>
d. In the ice-cream industry in the short run <u>variable costs</u> includes the cost of cream and sugar but not the cost of the factory.
e. Profits equal total revenue minus <u>total costs.</u>
f. The cost of producing an extra unit of output is the <u>marginanal cost.</u>
E.product morphing is an example
I think for Japan CDs
And for Canada Beef
Answer:
The company’s inventory be reported on the balance sheet as $3,150.
Explanation:
GAAP and IFRS requires that the inventory of the company should be recorded as Lower cost and Net realizable value of the inventory.
According to given data
Available Inventory = 210 units
Cost of Inventory = 210 units x $20 = $4,200
Net realizable value is the value of the inventory which can be recovered on the immediate sale. the current market value of the inventory is $15.
So,
Net realizable value is = 2,100 units x $15 = $3,150
As the Net realizable value is lower than the cost of the inventory, $3,150 should be reported as inventory on the balance sheet.
