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murzikaleks [220]
2 years ago
8

What is the difference between the price of a product and the opportunity cost of a product?

Business
1 answer:
maxonik [38]2 years ago
4 0

Answer:

see below

Explanation:

The price of a product refers to the amount that a customer pays to acquire the product. It is the monetary value attached to the product. Price is the minimum amount of money that a supplier or seller accepts in exchange for goods and services.

Opportunity cost is the forfeited benefits for not selecting a particular option. Opportunity costs arise as people make choices between various alternatives. Once the preferred option has been selected, the next best alternative is the opportunity cost. The value of opportunity cost is the missed benefits from the next best alternative.

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Explanation:

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The standard cost of Product B manufactured by Pharrell Company includes 3.6 units of direct materials at $5.90 per unit. During
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Answer:

Results are below.

Explanation:

<u>To calculate the direct material price and quantity variance, we need to use the following formulas:</u>

Direct material price variance= (standard price - actual price)*actual quantity

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Bas_tet [7]

Answer:

Adjusting Entries

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