04 Identify each of the following cash items whether it is fixed cost, variable cost, sunk cost, opportunity cost or implicit cost. (1) You spend RM 30,000 to train your staff on how to use the new software you have installed on your company's computers. (ii) Fuel for a delivery business. (ii) Fuel for a food truck business. (iv) A student spends three hours and RM 20 at the movies the night before an exam. (v) Payments that you can earn from a rented property and annual cash flow from stock sales

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Cost of Production

In economic theory, production costs are the costs incurred by an industrial organization when it engineers a project or provides a service that generates revenue and benefits. Labor costs, raw materials, consumable manufacturing costs, and general overhead sum up, accounting for production costs. Total cost data is calculated by combining total direct costs of materials, labor costs, and total production costs.