Explain the concept of scarcity, choice and opportunity cost

Marigold Corp.can produce 100 units of a component part with the following costs:

nignag [31]

Answer:

A. An increase of $4,500

Explanation:

For computing the total cost change, first we have to determine the total cost which is shown below

= Direct Materials cost + Direct Labor costs + variable overhead costs

= $21,000 + $5,500 + $19,000

= $45,500

And, the outside purchase is $50,000

So, the total cost change would be

= $50,000 - $45,500

= $4,500 increase

3 0

4 years ago

Samson Company reported total manufacturing costs of $320,000, manufacturing overhead totaling $52,000, and direct materials use

Bingel [31]

Answer:

Direct labor cost is $204,000

Explanation:

Total manufacturing costs $320,000

Manufacturing overhead $52,000

Direct materials used $64,000

How much is direct labor cost ?

Total Manufacturing is all the cost used to manufacture a product by the company. It included all direct and indirect expenses incurred during the period for manufacturing a product.

Use following formula to calculate the Direct labor cost:

Manufacturing cost = Direct Expenses + Manufacturing Overhead

Manufacturing cost = ( Direct Material Expense + Direct labor Expense) + Manufacturing Overhead

$320,000 = ( $64,000 + Direct labor Expense) + $52,000

$320,000 = $64,000 + Direct labor Expense + $52,000

$320,000 = $116,000 + Direct labor Expense

Direct labor Expense = $320,000 - $116,000

Direct labor Expense = $204,000

6 0

4 years ago

if a customer makes a partial payment of $100 on a service for which you have already billed him, you would record this transact

Anna35 [415]

You would record this transaction into the accounting equation by: increasing cash and decreasing accounts receivable

<h3>What is accounting?</h3>

Accounting refers to the process of keeping track of a company's financial transactions. Summarizing, analyzing, and reporting these transactions to oversight organizations, regulatory bodies, and tax collection organizations are all parts of the accounting process.

The financial statements that are used in accounting provide a succinct overview of all financial transactions that took place during a given accounting period, including information on a company's operations, financial situation, and cash flows.

One of the essential duties in practically any firm is accounting. In a small business, it might be handled by a bookkeeper or an accountant; in larger corporations, it might be handled by vast financial departments with dozens of staff members.

Management may greatly benefit from the data produced by different streams of accounting, including cost accounting and managerial accounting, in order to make wise company decisions.

Learn more about accounting

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4 0

2 years ago

In an imaginary economy, consumers buy only sandwiches and magazines. The fixed basket consists of 20 sandwiches and 30 magazine

rodikova [14]

Answer:

$2.5

Explanation:

Given:

Number of sandwiches in basket = 20

Number of magazines in basket = 30

cost of sandwiches in 2006 = $4

Cost of magazines in 2006 = $2

cost of sandwiches in 2007 = $5

Consumer price index in 2007 = 125

Now,

Consumer price index = $\frac{\sum(p_1q0)}{\sum(p_0q0)}\times100$

or

125 = $\frac{20\times\$5+30\times X}{20\times\$4+30\times\$2}\times100$

here,

X is the price of magazines in 2007

thus,

125 = $\frac{\$100+30\times X}{$80+$60}\times100$

or

1.25 × ($80 + $60 ) = $100 + 30X

or

30X = $175 - $100

or

X = $2.5

Hence,

The price of magazines in 2007 was $2.5

4 0

4 years ago

Why is placing a fraud alert an effective way of dealing with inaccuracies in a credit report?.

Marta_Voda [28]

The act placing a fraud alert is an effective way of dealing with inaccuracies in a credit report because its encourages the lenders and creditors to take an extra steps to verify the credit-account holder before issuing credit.

<h3>What do we know as credit report?</h3>

Basically, a typical credit report refers to a statement that has important information about your credit activity and & credit situation such as loan paying history and the status of your credit accounts. Most people in the United States have more than one credit report

The purpose of placing fraud alerts on credit reports is explained as follows. When a fraud alert is placed, its can make it harder for someone to open unauthorized accounts in your name. Also, the action also encourages or requires lenders and creditors to take extra steps to verify your identity such as contacting one by phone before opening a new credit account in your name or making changes to existing accounts.

Explain the concept of scarcity, choice and opportunity cost​

Explain the concept of scarcity, choice and opportunity cost