Table 13-1 Measures of Cost for Splashy Cardboard Kayak Factory

question 66

Multiple Choice

Table 13-1
Measures of Cost for Splashy Cardboard Kayak Factory.
-Refer to Table 13-1.The average total cost of producing four kayaks is:

• A)$28
• B)$3.25
• C)$7
• D)it can't be determined from the above information

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Definitions:

Formal Instrument of Credit

A written document that acknowledges debt and specifies the terms under which it will be repaid.

Note Receivable

Note receivable is a financial asset representing a written promise to receive a specific amount of money, plus interest, by a certain date.

Notes Receivable

A claim or right to receive a determinable sum of money from another party as evidenced by a promissory note.

Interest

The cost of borrowing money or the return on invested funds, generally expressed as a percentage rate over a period of time.