Paulie's opportunity cost of producing one cup of ice cream is 8.5 t-shirts.
<h3>What is the opportunity cost?</h3>
The potential benefits that a person, investor, or business forgo while choosing between two possibilities are known as opportunity costs. Opportunity costs can be easily disregarded since they are by nature invisible. Understanding the potential opportunities missed when a business or individual chooses one investment over another is necessary for making wiser decisions.
To accurately calculate opportunity costs, it is necessary to balance the benefits and drawbacks of each option.
Opportunity costs have a value that can assist individuals and organizations in making more profitable choices.
Here, the opportunity cost for Paulie for ice cream will be calculated by dividing 17 by 2 Thi will be:
= 17 / 2
= 8.5 t-shirts
Therefore Paulie's opportunity cost of producing one cup of ice cream is 8.5 t-shirts
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Answer: A- Revenue under the installment sales method, as soon as it has assisted Steffi in setting up the store.
Explanation: The installment sales method is a method of accounting accepted under the US Gaap. It is a method were revenue is recorded in instalments and the cost of sales and gross profit recognised upon the collection of the installment revenue.
It is a method of accounting used mainly by construction companies whose revenue are not received once but in installments.
Answer:
C. LIFO liquidation
Explanation:
Benson Company uses the LIFO inventory costing method for both its tax reporting purposes and its financial reporting purposes. In its footnotes, Benson Company is required to report the amount at which inventories would have been reported under FIFO method.
The difference between these two numbers is commonly referred to as LIFO Reserve.
LIFO reserve represents the difference in ending inventory using LIFO and ending inventory if FIFO were employed instead.
Third option is the correct option.
LIFO reserve = FIFO inventory cost - LIFO inventory cost
FIFO inventory cost = LIFO inventory cost + LIFO reserve
Answer:
Explanation:
Situation Type Logic
During the audit, a customer with a large A/R balance at year end declares bankruptcy Type 1 Facts were available on balance sheet date
a lawsuit…...thereafter Type 1 Facts were available on balance sheet date
A flood damages….after year end Type 2 Facts were not available on balance sheet date
Conditions that….after the balance sheet date Type 2 Facts were not available on balance sheet date
Additional evidence….balance sheet date Type 1 Facts were available on balance sheet date
Answer: 1 widget per dollar
Explanation:
The weekly productivity level for this operation will be calculated thus:
Output = 8000 widgets per week.
Input = Labor Cost + Material Cost
= (5 × 40 × $15) + (100 × $50)
= $3000 + $5000
= $8000
Productivity = Output / Input
= $8000 / $8000
= 1 widget per dollar
