Cost accounting involves the measuring, recording, and reporting of.
Answers
Cost accounting involves the measuring, recording, and reporting of the various costs incurred in a business.
The purpose of cost accounting is to provide accurate information about the cost of products or services and to help management make informed decisions about pricing, budgeting, and resource allocation.In measuring costs, cost accountants look at direct costs (such as labor and materials used in producing a product) and indirect costs (such as rent, utilities, and administrative expenses). By analyzing these costs, management can determine whether it is necessary to increase or decrease the price of a product, adjust the budget, or allocate resources to more profitable areas.
Cost accounting is essential for companies to be able to make informed decisions and to remain competitive. It provides a detailed picture of the company's financial situation, which can be used to identify areas of improvement and to maximize profits.
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Related Questions
Recall on February 1, Derrick Company established a $200 petty cash fund. On February 15, when the fund balance reached $7, the petty cash custodian prepared a petty cash report that summarized receipts for postage ($140) and printing ($54). Complete the necessary journal entry by selecting the account names and dollar amounts from the drop-down menus.
Answers
Answer with its Explanation:
The double entry to record the postage expenses of $140 and the printing expense of $54 is as under:
Dr Postage Expenses $140
Dr Printing Expenses $54
Cr Petty Cash Account $193
Cr Cash Over and Short Account $1
According to the summarized Report, the cash at hand is $7 which must be $6 ($200 - $194). This difference can adjusted in Cash Over and Short Account which is used to adjust minor differences in cash balance.
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Last month, Greg wrote 5 checks. He also completed 4 debit card transactions, 3 bank ATM withdrawals, and 2 nonbank ATM withdrawals. Based on these banking activities, which financial institution from the cart above would be LEAST expensive for Greg?
A: Farmers’ Bank
B: Louisiana State National Bank
C: First Federal Bank
D: Chase Bank
Answers
The financial institution from the cart above that would be the LEAST expensive for Greg is Chase Bank. Thus the correct option is D.
A bank is referred to as a financial institution that allows an individual to deposit and withdraw cash and allow them to borrow funds with a fixed interest rate for the purpose of investment.
In the given case, it is explained that Greg wrote 5 cheques, used 4 debit cards, drew 3 bank ATMs, and used 2 nonbank ATMs. To choose the least expensive financial institution for Greg, we must first assess the entire cost of his transactions which is minimum of Chase Bank.
Therefore, option D is appropriate.
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Ability to maintain records and prepare reports as a po box clerk
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Maintaining records and preparing reports is essential for a PO Box clerk to manage and organize mail, track packages , and ensure efficient operations. Reports help assess mail volume, track trends, and make informed decisions for optimizing mail services. Effective record-keeping and reporting contribute to accurate documentation, timely deliveries, and excellent customer service in the role of a PO Box clerk.
In addition to record-keeping, preparing reports is crucial for assessing mail volume, tracking trends, and ensuring efficient operations. Reports may include data on incoming and outgoing mail volumes, delivery timelines, customer feedback, or any other relevant metrics. These reports help in identifying areas for improvement, monitoring service quality, and making informed decisions to optimize mail operations.
By effectively maintaining records and preparing reports, a PO Box clerk can contribute to the smooth functioning of the mail service, ensuring accurate documentation, timely deliveries, and efficient customer service.
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During the period, a company reports Sales of $48,000, Cost of Goods Sold of $28,000, and Income of $2,500. Profit margin is:
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The period wherein an organization's income is $48,000, the price of a suitable offer is $28,000, and earnings are $2,500, so the earnings margin of the employer is $17,500.
What is the profit margin?Profit margin is one of the generally used profitability ratios to gauge the degree to which an employer or a commercial enterprise makes money.
It represents how much of the income has been profits. Simply put, the proportion parent shows how many cents of earnings the business generated for every dollar of sales.
For example, if a company reports that it completed a 35% earnings margin in the previous quarter, it means that it earned $0.35 for every dollar of revenue generated.
In ordinary use, however, it normally refers to internet earnings margin, an employer’s bottom line in spite of all different expenses, inclusive of taxes and one-off oddities, that were taken out of revenue.
There are 4 ranges of earnings or earnings margins: gross earnings, working earnings, pre-tax earnings, and internet earnings.
These are contemplated in an employer's earnings announcement within the following sequence: An employer takes in income revenue, then pays direct charges for the manufactured service.
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Answer:
5.2%
Explanation:
What can a boosted post help an advertiser achieve?
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A boosted post helps an adviser to connect with the audience and gain trust.
Boosted post is a kind of post that is used on social media platforms in order to enhance the page of the platform and to attract audience to the page. Boosted post can help better communication with the audience along with the increase in a greater number of messages, calls and texts. Boosted posts help for better advertisements of the product. For example, A Chocolate brand may use Boosted posts to gain audience as well as consumers. Boosted posts helps an adviser to be discovered among people, to establish a benchmark in the market and to gain more and more customers. It's a kind of marketing strategy used for publicity purpose.
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You have data showing demand for plumbing services rising for each of the last five years. This would best be displayed on a:
Answers
Answer:
line graphs
Explanation:
line graphs aid in making PREDICTIONS about the outcomes of data that has not yet been recorded
even if data isn't perfect, a line graph can show a general pattern
Line graphs are used to track changes across time, both short and long.
When there are fewer changes, line graphs are preferable over bar graphs.
Line graphs can also be used to compare changes for multiple groups over the same time period.
Line graphs are valuable because they clearly display data variables and patterns
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How is the value of a product determined?
Answers
Answer:
One approach is to use the simple equation Value = Benefits / Cost. The plus side to this approach is that it is concrete and quantifiable. You can measure the profit consistently throughout the life of the product, charting changes in value over time.
What will be the end result for the taxpayer who filed his federal income tax return.
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If your federal gross income was $12,950 or more and you're under 65, you must submit a single status tax return. If your federal gross income was $14,700 or more and you are 65 years of age or older, you must file.
What is the status of federal filing?
Determines the tax rate applied to income. Head of household, married filing jointly, married filing separately, single, and qualified widow(er) with dependent child are the five filing statuses. A tax year is the 12-month period of time that a tax return covers. The tax year for people in the US is from January 1 to December 31 and includes taxes due on income earned during that time. The Where's My Return? feature is the easiest method to find out if you've received a tax refund. After receiving an e-filed return, taxpayers have 24 hours to start monitoring the status of their refund. After the return is processed and a refund is approved, the program also offers a customized refund date.
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the ability to withdraw money at any time without penalty
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MaxTV's board of directors is re-assessing their company strategy. They take a look at their production function, which describes how a. MaxTV manages their inventory of electronic components, LED lights, and other parts used to manufacture their TVs. b. MaxTV uses electronic components, LED lights, labor and other inputs to produce televisions. c. MaxTV looks for new sources of electronic components. d. MaxTV negotiates contracts with their manufacturing employees.
Answers
MaxTV's board of directors is currently in the process of re-assessing their company strategy.
As a part of this process, they are taking a close look at their production function, which includes managing their inventory of electronic components, LED lights, and other parts used in the manufacturing of their televisions. Additionally, they are considering the inputs they use to produce their TVs, which include electronic components, LED lights, labor, and other factors.
The board is also exploring new sources of electronic components to ensure they have a reliable supply chain.
Finally, they are evaluating their current contracts with manufacturing employees to ensure they are fair and sustainable for both parties. therefor Option a is correct.
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Once the election to use the LIFO inventory method has been made by a taxpayer, the inventory method may be changed only with the consent of the IRS.
A. True
B. False
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A. True Once a taxpayer has elected to use the LIFO (Last-In, First-Out) inventory method, it becomes a part of their accounting method. As a result, any changes to this method must be approved by the IRS.
This is because changing inventory methods can potentially have a significant impact on a taxpayer's tax liability. For example, changing from LIFO to FIFO (First-In, First-Out) could result in a lower cost of goods sold and higher profits, which would increase the taxpayer's tax liability.To change inventory methods, a taxpayer must submit a request to the IRS and provide a detailed explanation of why the change is necessary. The IRS will then review the request and may require additional information or documentation before granting approval. It is important for taxpayers to be aware of the rules and requirements surrounding inventory methods and to work with a qualified tax professional to ensure compliance with IRS regulations.
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How would you do this question ??
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Answer:
You would want to divide the $4.00 among the other things you would want to buy. If it goes over the limit then you would want to swap that out with something cheaper. I hope this helps!
Explanation:
How many barrels of oil are in the strategic petroleum reserve.
Answers
Answer:
714 million barrels
Quintin's supervisor asks him to use predictive modeling in his decision-making process. What would Quintin's task MOST likely include based on this
directive?
O A. the creation of a decision tree
O B.
O C.
O D.
a conversation with his colleagues
an analysis of data charts
a written list of pros and cons
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If Quintin's supervisor asks him to use predictive modeling in his decision-making process, Quintin's task would most likely include: A. the creation of a decision tree.
What is predictive modeling?Predictive modelling frequently uses decision trees to assist see and analyse the potential effects of a decision.
They offer a methodical technique to weigh the advantages and disadvantages of many options and can aid in determining the best course of action.
Therefore choosing option A is the most likely response. Option B, a discussion with his coworkers, Option C, a review of data charts, and Option D, a written list of advantages and disadvantages, are all potential tasks that may be engaged in decision-making, albeit they may not be explicitly related to predictive modelling.
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In which countries do people prefer discussing business during meals?
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when a seller offers lower prices to those buyers who are willing to overcome some obstacle to get it, the seller is using to get buyers to reveal their . segment blocking; marginal benefit the hurdle method; marginal cost the hurdle method; reservation price impediment pricing; marginal benefit
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When a seller offers lower prices to those buyers who are willing to overcome some obstacle to get it, the seller is using to get buyers to reveal their hurdle method and reservation price.
Professor of Economics Robert Frank is credited for developing the hurdle model. By using a hurdle system, purchasers with low minimum purchase prices are separated from those with higher so-called reserve prices. The consumer must be willing to overcome or leap over some sort of obstacle that poses an inconvenience in order to benefit from a cheaper price.
A reserve price, also known as a reservation price, is the lowest bid amount that a seller will accept as a successful bid in an auction. It is also occasionally referred to as the highest price a buyer will pay for a good or service.
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1)
1. Describe the business level strategy and business model of Costco?
2. What does Costco do at the functional level to execute its strategy?
3. How does Costco’s HR strategy fit into the picture?
4. How does this Costco distinguish itself from rivals?
5. How secure is Costco’s competitive position?
Answers
1) Costco's business level strategy is based on providing high-quality products at low prices to attract and retain customers. Their business model focuses on keeping costs low by offering a limited selection of goods, purchasing products in bulk, and minimizing overhead expenses.
2) At the functional level, Costco executes its strategy by efficiently managing its supply chain, optimizing its store layout and product placement, and leveraging its membership program to increase customer loyalty and retention.
3) Costco's HR strategy is focused on hiring and training employees who are committed to delivering excellent customer service and embody the company's values and culture. This helps to ensure a consistent customer experience across all stores and reinforces the company's reputation for quality and value.
4) Costco distinguishes itself from rivals by offering a unique shopping experience that combines high-quality products with low prices and exceptional customer service. Additionally, their membership program provides exclusive access to discounts and other benefits, further differentiating them from other retailers.
5) Costco's competitive position is relatively secure, due to their strong brand reputation, loyal customer base, and efficient business model. However, they face ongoing competition from other retailers who are also focused on offering high-quality products at low prices.
Costco employs a business-level strategy focused on cost leadership, providing high-quality products at lower prices through a membership model. Their primary revenue source comes from membership fees.
At the functional level, Costco optimizes supply chain efficiency, bulk purchases, and limited SKU offerings to keep costs low. Their no-frills warehouse layout also minimizes overhead expenses.
Costco's HR strategy emphasizes employee satisfaction, offering competitive wages and benefits to reduce turnover, fostering a productive and loyal workforce.
Costco distinguishes itself from rivals by prioritizing value and customer experience, providing a diverse range of products and services at wholesale prices to its members.
Costco's competitive position is secure, driven by customer loyalty, efficient operations, and a strong brand reputation for quality and value.
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evaluate three ways in which employment will minimize emotional stress
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Answer:
Employment allows you to provide for yourself and your family. With employment, you are likely to have your basic necessities covered, like food, utilities and housing.
Employment makes you feel useful in some way, makes you feel as a contributing member of society, a feeling that helps you increase your feelings of self-worth.
Finally, employment helps you plan ahead for the future. If the employment pays well, or if you manage to spend less than you earn, employment allows you to save money, which is the first step in building a personal equity.
The ways in which employment minimizes emotional stress include:
An employment provides a means of socialisation. This would reduce isolation. An employment is a source of income. This allows people to be able to afford luxuries that would reduce emotional stress. Employment reduces idleness. What is employment?Employment refers to when members of the labor force have a job for which they receive some form of compensation.
Imagine you’re working on a client’s launch pad website. Three weeks from the proposed launch date, the client comes to you with an idea for a new section of the website they would like to implement for the initial launch. How should the strategist respond to the client’s new idea?
Answers
Answer:
Ask a series of questions to better understand the new idea; then, strongly recommend that all new ideas be considered and built after the initial launch pad goes live.
Talk to your team about the effort required to implement the client’s new idea. Then slide the launch date back the required five days to implement the new idea.
They should wait to mention any new ideas until after the first six months because the launch pad and first six months of the continuous improvement cycles are already planned out.
Explanation:
You have a credit card balance of $53.00 from the previous month. You have $172.45 in new purchases and you made a payment of $50.00. Your APR is 8.75%. According to the Previous Balance method, what amount would you use to calculate the interest for this month?
Answers
Answer:
$50
Explanation:
As per previous balance method the Interest is charged based on the opening balance of the Credit Card.
As $50 was the balance from previous month and opening balance for this month, Hence $50 would be the amount we would use to calculate the interest for this month.
Answer:
The answer is $50.
Explanation:
Which characteristic is most important for the Urban Commuter segment?
a.Capacity
b.Comfort
c.Durability
d.Waterproof
e.Eco-friendly
Answers
The answer is b. Comfort, is the characteristic is most important for the Urban Commuter segment.
What does a commuter look like?One who travels a long distance to work, typically from a suburb to a city, is referred to as a commuter. Some people are fortunate enough to reside close to their place of employment or to work from home. Others are commuters, who must travel to and from work.
Who commutes versus who lives there?Students at a residential school live and learn all across campus. Students are arriving at a commuter campus for classes. They often leave school after that for the day.
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Which development with most reflects Karl max is belief in the economic system that he predicted to replace free market
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The development with most reflects Karl max that is belief in the economic system that he predicted to replace free market is option B. Workers share all the profits generated from a factory. Read below about Karl Max's belief in economic system.
What is Karl Max's belief on the economic system?Marx believed that in a capitalist system, society would inevitably divide themselves into two classes – the business owners and the workers. The workers would produce the material goods and conduct all the labor, while the owners would reap all the financial and social benefits.
Therefore, the correct answer is as given above
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The complete question goes thus:
Which development would most reflect Karl Marx's belief in the economic system that he predicted would replace free markets? A. Governments eliminate all taxes on wealthy corporations. B. Workers share all the profits generated from a factory. C. Companies begin to sell their products in overseas markets. D. Businesses refuse to hire workers who demand high wages.
1. Define the oscopy approach in PCS coding.
2. Code the following scenario dividing the codes appropriately into the mom and baby charts: 29-year-old female presents for delivery. This is her third pregnancy. She is at 39 weeks of gestation. This is a normal pregnancy. After a normal delivery, she gives birth to a single liveborn. The little boy is circumcised on the second day without incident. Both mom and baby are discharged in good health.
3. Code the following scenario dividing the codes appropriately into the mom and baby charts: 36-year-old female presents for delivery. This is her first pregnancy. She has had a normal pregnancy without incident. She is 37 weeks gestation. This is a twin pregnancy. Baby A is delivered vaginally with low forceps and Baby B by C section. Both babies are fine.
4. Code the following scenario: 40-year-old multigravida presents for vaginal delivery in week 41. No problems during delivery. Single liveborn.
5. Code the following scenario: 26-year-old primigravida presents in week 38. Second-degree perineum tear. Single liveborn.
6. Code the following scenario: Baby born via C-Section transferred to Children's Hospital for Myelomeningioma with hydrocephalus. Code for Children's hospital.
Answers
1. Oscopy approach: Surgical instrument insertion method - open or percutaneous. 2. Mom: Normal delivery. Baby: Liveborn, circumcision. 3. Mom: Vaginal delivery with low forceps. Baby A: Vaginal delivery. Baby B: C-section. 4. Vaginal delivery of single liveborn at week 41. 5. Vaginal delivery, second-degree perineum tear, single liveborn. 6. Children's Hospital: Transfer for C-section-born baby with myelomeningioma and hydrocephalus. Code accordingly.
1. The term "oscopy" in PCS coding refers to the approach used during a surgical procedure. It is used to describe the method by which a surgical instrument or device is inserted into the body. The approach can be classified as either "open" or "percutaneous." An open approach involves making a larger incision to access the target area directly, while a percutaneous approach involves inserting instruments through the skin using a minimally invasive technique. The choice of approach depends on the specific procedure and the surgeon's preference.
2. For the given scenario, dividing the codes appropriately into the mom and baby charts would involve assigning diagnosis and procedure codes for each individual. In the mom's chart, you would code for the normal delivery and any relevant procedures or conditions related to the mother. In the baby's chart, you would code for the liveborn status, circumcision, and any other relevant procedures or conditions related to the baby.
3. In this scenario, coding appropriately into the mom and baby charts would involve assigning diagnosis and procedure codes for each individual. In the mom's chart, you would code for the normal pregnancy, twin pregnancy, vaginal delivery with low forceps, and any relevant procedures or conditions related to the mother. In the baby's chart, you would code for the C-section delivery, twin status, and any relevant procedures or conditions related to the babies.
4. For this scenario, the coding would involve assigning diagnosis and procedure codes for the vaginal delivery of a single liveborn baby in week 41 of gestation. The specific codes would depend on any additional procedures or conditions that may be present during the delivery.
5. In this scenario, the coding would involve assigning diagnosis and procedure codes for the perineum tear and the vaginal delivery of a single liveborn baby in week 38 of gestation. The specific codes would depend on the severity of the tear and any additional procedures or conditions that may be present during the delivery.
6. For the scenario involving the baby's transfer to Children's Hospital for myelomeningioma with hydrocephalus, you would need to code the diagnosis and any relevant procedures or conditions associated with the baby's condition. The specific codes would depend on the details provided in the scenario and the coding system used (such as ICD-10-CM for diagnosis coding and/or CPT or HCPCS for procedure coding). The codes should accurately reflect the baby's diagnosis and the reason for the transfer to Children's Hospital.
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Zurich Ltd will pay dividends of $10 at the end of each year that will continue indefinitely, and dividends are expected to grow at 3% per annum with an effective annual rate of 8%. What is the price of each share? Show all workings.
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The price of each share of Zurich Ltd, the price of each share of Zurich Ltd is $200.
we can use the Gordon Growth Model, also known as the Dividend Discount Model (DDM). The formula for the DDM is as follows:
Price per Share = Dividend / (Discount Rate - Dividend Growth Rate)
In this case, the dividend is $10 per year, and the dividend growth rate is 3% per annum. The discount rate is the effective annual rate of 8%.
Let's calculate the price per share:
Price per Share = $10 / (0.08 - 0.03)
Price per Share = $10 / 0.05
Price per Share = $200
Therefore, the price of each share of Zurich Ltd is $200. The discount rate is the effective annual rate of 8%.
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Grainger Distribution Company sold Long Electronics ten circuit breakers for $179.00 each. Long Electronics will be allowed thirty days to pay the bill. Grainger will carry the $1790.00 on its books as a(n):
Answers
In its accounting statement, Grainger will carry the $1,790.00 on its books as an accounts receivable.
What is an accounts receivable?This refers to the payment that the company will receive from its customers who have purchased its product.on credit.
Therefore, the amount of $1,790.00 on its books will be recorded as an accounts receivable.
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A profit-maximizing firm in the short run will expand output until marginal cost begins to rise until total revenue equals total cost until marginal cost equals average variable cost as long as marginal revenue is greater than marginal cost
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A profit-maximizing firm in the short run will expand output until as long as marginal revenue is greater than marginal cost.
A company maximizes its earnings by means of choosing to supply the extent of output where its marginal revenue equals its marginal value. while marginal sales exceeds marginal price, the company can earn greater income by way of growing its output.Marginal revenue is the increase in sales that outcomes from the sale of 1 additional unit of output. while marginal revenue can continue to be regular over a positive stage of output, it follows from the regulation of diminishing returns and will finally slow down as the output degree will increase.
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A disadvantage of using credit is impulse buying
True or False
Answers
Answer:
True
Explanation:
Impulse buying is making unplanned or non-budgeted purchases. In impulse purchases, buying decision is based on attraction rather than the need to have the item.
Making payment via a credit card is incurring a debt. One does not need to have money on their account for the payment to go through. It means one can spend money that they do not have on hand or at the bank. A credit card permits one to make payments for goods they had not planned to buy. It can encourage the buying of items that are not required.
A tool that has been __________defective will creates headache and irritation. *
2 points
A. Frequently
B. Once a year
C. Once a month
D. Seldom
Answers
Answer:
frequently
Explanation:
I think its frequently
The greater the opportunity cost of any particular occupation, the smaller the number of people who will select that occupation.
Answers
This statement is true.
Reason:
Higher opportunity cost suggests that many people have to let it go to choose something else. People will tend to avoid the foregone occupation because of the doubts and fear of choosing something. The level of the opportunity cost of any career affects the decision making of new members selecting a job. Consider two occupations, that is, lawyer and law enforcement officer. Typically, it takes more endeavor, time, and money to become a lawyer compared to a law enforcement officer. Because of this, many individuals will select to become law enforcement officers as opposed to becoming lawyers. Hence, there is a wage variation between these two occupations that is adequate enough to remunerate those who select to become lawyers.
Opportunity Cost:
Opportunity cost is the value of the next foregone item when a choice is made. There are two types of opportunity costs; explicit opportunity cost, which involves money transactions, and implicit opportunity cost, which does not include money or business transactions.
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Kevin earns $6. 50 an hour and worked 60 hours last month. During the month he received $148 in tips. He also used his employee food discount and chose to have the cost of his meals deducted from his paycheck. If he had $21 deducted last month for meals, what was his net pay?
Answers
Kevin's net pay for the month is $517, calculated by subtracting the deductions ($21 for meals) from his total income ($538 from wages and tips).
First, we calculate Kevin's total earnings based on his hourly wage and the number of hours he worked. His hourly wage is $6.50, and he worked for 60 hours. Multiplying these values gives us a total of $390 earned from his regular wages. In addition to his hourly wage, Kevin also received tips during the month. The total amount of tips he received is given as $148.
To determine his total income, we add the earnings from his regular wages ($390) to the tips he received ($148), resulting in a total income of $538. Now, let's consider the deductions. Kevin chose to have the cost of his meals deducted from his paycheck, and the total amount deducted for meals was $21.
To find Kevin's net pay, we subtract the deduction for meals ($21) from his total income ($538). The calculation is as follows: $538 - $21 = $517. Therefore, Kevin's net pay for the month, after considering his hourly wage, tips, and the deduction for meals, is $517. This is the amount he would receive in his paycheck after all the deductions have been made.
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