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Alternative production opportunities.
A firm incurs implicit costs when it uses capital, inventories or owner's resources. In other words, implicit cost is the opportunity cost associated with a firm's use of resources that it owns. Therefore the firm has to calculate the total cost of producing tractors and threshers. Besides this, the opportunity cost of producing tractors and threshers must be taken into account. Opportunity cost of producing a commodity (say X) is the amount of the next best alternative that is forgone to produce one additional unit of X. If the opportunity cost of producing thresher is higher, he will produce more tractors as compared to threshers.
Suppose that if the firm benefits from producing a different commodity other than tractors and threshers, then it is always profitable for the firm to produce that third commodity. What will be the alternative production opportunity costs?
Evaluate the individual product costs per unit assuming that Tiger Furnishings uses machine-hours to allocate overhead to the products.
Determine Hasselback's profit using throughput costing and which method do you think presents the most reliable picture of current earnings?
Prince and Bernard had $20,000 and $150,000 in their January 1 capital balances, respectively. Net income for the year was $240,000. How much net income should be distributed to Prince?
Calculate dividends using the accounting equation At the beginning of its current fiscal year, Willie Corp.'s balance sheet showed assets of $12,400 and liabilities of $7,000.
The firm uses the perpetual inventory system, and there are 70 units of the item on hand at the end of the year. What is the total cost of the ending inventory according to (a) FIFO, (b) LIFO?
company abc has a spending variance of 100000 f and efficiency variance of 100000 f and a volume variance of 300000 f.
Why do the concepts of relevance and reliability underlie the five steps in implementing acitvity-based costing (ABC)?
Prepare a 500-750 word written response to the following: In January 2010, Salem Corporation, purchased $350,000 of new MACRS 5-year property in the US. This equipment was placed in service May 1, 2010. Salem wants to take as much depreciation in ..
What is the amount of additional liability, if any, required to reflect the minimum pension liability - minimum pension liability should consider expected future salary levels rather than the current levels.
Compute the budgeted factory overhead rate, compute the factory overhead applied and compute the amount of over/underapplied overhead.
The current market price for a computer hard drive is $45. Voorhees would like a profit of $15 per drive. How can Voorhees Company accomplish this objective?
Prepare an income statement for November like the one in Exhibit 2.5. Were the two jobs profitable for Internet Design?
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