Table 26 Table 2

question 4

Multiple Choice

Table 2.6 Table 2.6 shows the number of labour hours required to produce a digital camera and a kilo of wheat in China and South Korea.
-Refer to Table 2.6.What is South Korea's opportunity cost of producing one kilo of wheat?

• A)60 digital cameras
• B)20 digital cameras
• C)5 digital cameras
• D)0)05 units of a digital camera

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Definitions:

Ending Inventory

The value of goods available for sale at the end of an accounting period, calculated for cost of goods sold determination.

Gross Profit

The difference between sales and the cost of goods sold, indicating the profitability of a company's core business activities.

Estimated Cost

An approximation of the financial expenditure associated with a project or production.

Ending Inventory

The final value of goods available for sale at the end of an accounting period after subtracting the cost of goods sold.