Use the Following to Answer Questions: Table: Myrtle Beach Golf

question 67

Multiple Choice

Use the following to answer questions: Table: Myrtle Beach Golf $\begin{array}{l}\hline \text {Maximum Willingness to Pay for One-Night Stay and One Round of Golf}\\\begin{array}{lcc} & David & John \\\hline One-Night Stay & 50 & 110 \\Round of Golf & 80 & 35 \\\hline\end{array}\end{array}$
-(Table: Myrtle Beach Golf) Refer to the table. Assume the firm has zero costs. If the resort sets prices for lodging and golf individually, it will charge ________ for one night's stay and ________ for one round of golf.

• A) $50; $110
• B) $110; $80
• C) $50; $35
• D) $80; $57.50

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Definitions:

Direct Labor Costs

The total of all wages, benefits, and taxes paid to employees who are directly involved in the manufacturing of products.

Work in Process

Goods that are in various stages of the production process but are not yet completed.

Standard Cost Card

A document listing the standard costs associated with manufacturing a product, including labor, materials, and overhead.

Standard Cost System

A standard cost system estimates the costs of production in advance, using standard rates for materials and labor to assess efficiency and performance.