Examlex
Which of the following would be an example of an implicit cost?
(i) forgone investment opportunities
(ii) wages of workers
(iii) raw materials costs
Product Cost Method
An accounting method that determines the cost to produce a product by summing the costs of raw materials, direct labor, and allocated overhead.
Invested Assets
Assets that are purchased or acquired for the purpose of generating income, capital appreciation, or other benefits to the investor.
Desired Profit
The target amount of profit a company aims to achieve in a specific period, often used in pricing and production planning.
Contribution Margin
The amount by which sales revenue exceeds variable costs, indicating how much revenue contributes towards covering fixed costs and generating profit.
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