You Own a Small Deli That Sells Sandwiches, Salads, and Soup

question 153

Essay

You own a small deli that sells sandwiches, salads, and soup to the community.Which of the following is an implicit cost of the business?
A.wages paid to part-time employees
B.the job offer you did not accept at a local catering service
C.bread, meat, and vegetables used to produce the items on your
menu
D.your monthly utility bill

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Definitions:

Earliest Costs

Refers to the initial expenses or purchase prices of inventory items, typically considered for cost calculation in accounting methods like LIFO (Last-In, First-Out).

Ending Inventory

The final value of goods available for sale at the end of an accounting period, calculated based on beginning inventory plus purchases minus cost of goods sold.

Safeguarding Inventory

The actions and practices involved in protecting inventory from loss, theft, or damage.

Restricted Areas

Zones within a workplace or public space that have limitations on access or use, typically for safety or security reasons.