Answer:
Option (D) is correct.
Explanation:
Myer's product costs is as follows:
= Manufacturing Equipment Depreciation + Indirect Materials Used + Indirect Labour + Factory repair and Maintenance + Direct Materials Used + Direct Labor
= $1,600 + $1,600 + $11,000 + $980 + $24,500 + $44,000
= $83,680
Therefore, the Myer's product costs were $83,680.
Answer:
Accounting Cost : Explicit paid costs
Economic Costs : Implicit , Opportunity Cost based, unpaid costs
Explanation:
Accounting Cost of production involves only explicit costs of production. Economic Cost of production involve both explicit & implicit costs of production, including the opportunity costs of factor services.
Explicit cost of production is the factor cost paid to other party, for which money exchange takes place. Implicit cost of production is the imputed cost of self owned factor services, for which no monetary exchange (payment) with other party take place.
Eg : Salary paid to staff, rent of business rented property is an Accounting Cost. Self imputed salary of entrepreneur , interest of self financed capital are imputed costs.
Answer:
The answer is B. b.assets and expenses
Explanation:
Debit increases asset and expenses and credit decreases assets and expenses.
Credit increases revenue, owner's equity and liability while debit deceases revenue, owner's equity and liability
Answer:
C. If taxes are over 50 percent of national income, job creation falls.
Explanation:
Option C is correct because the positive economic statements are those statements that can be tested and rejected but the normative economic statements can not be tested, these statements are nonvalue judgments. Thus, the statement is given in the question that the tax rate of 50% on the national income will decrease the job creation can be tested or it can be rejected. Thus, option C is right.