Quality Stereo Company has provided the following information regarding its activity-based costing system: 
Each stereo produced has fifty parts,and the direct materials cost per unit is $70.There are no direct labor costs.Quality Stereo has an order for 1,000 stereos which will require 50 purchase orders in all.What is the total cost for the 1,000 stereos?
Definitions:
Income
The money received by an individual or entity, typically in exchange for labor or investment.
Total Cost Function
A mathematical formula that describes the total cost incurred by a firm in the production of goods or services as a function of output level.
Price-Discriminating Monopolist
A monopolist that charges different prices to different consumers or groups of consumers for the same product, to maximize profits.
Price Elasticity
The responsiveness of the quantity of a product demanded to a variation in its price, determined by dividing the percentage variation in the quantity demanded by the percentage modification in the product’s price.
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