What is the difference between a direct cost and an opportunity cost.  Can you show the difference of these costs by sharing one (1) out-of-pocket cost and one (1) opportunity cost?

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Q: What is the variable cost and indirect cost?

A: Variable costs are costs that changes with level of activity. If activity level increases, then…

Q: Which of the following best defines the concept of a relevant cost? a. A past cost that is the same…

A: Relevant Cost: it is a cost which is used for taking decision  for the business management. this…

Q: what is an indirect cost and how is it different than a direct cost?

A: Indirect Cost: Indirect costs are the costs of doing business that are not easily identified with a…

Q: 1.Discuss sunk costs and opportunity cost.

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Scotland Beauty Products manufactures face cream, body lotion, and liquid soap in a joint…

A: Formula: Market value = Cost per unit x quantity Multiplying cost per unit with quantity called…

Q: What can be the Direct-Variable Costs? Explain. What can be the Direct-Fixed Costs? Explain. What…

A: Direct variable cost are those cost incurred in line with production or for a particular product or…

Q: What is the relevant range? What role does the relevant range concept play in explaining how costs…

A: Relevant range refers to the level of the activity which represents the maximum and minimum limits…

Q: What is the cost measurement? cost accumulation? what is the difference between the two?

A: Cost is the monetary value of an item or a service. While producing an item, there may be various…

Q: Is there a difference between relevant costs and incremental costs? Explain

A: Relevant cost: Relevant cost is the cost which is relevant in decision making of a project, and…

Q: What are the different types of cost?

A: Costs refer to any expenditure done by a business or a firm in the process of production of a…

Q: Select all of the following that are the same as a relevant cost: unavoidable cost Oavoidable cost…

A: Relevant cost is a cost that is specifically relevant to a particular decision being made. It is a…

Q: COSTING METHOD. 1. What is average cost method? 2. What is FIFO cost method?

A: Solution: 1.   Average cost method: Average cost method is also known as weighted average method.…

Q: Why are the terms direct costs and indirect costs independent of the terms fixed costs and variable…

A: The terms "direct costs" and "indirect costs" are independent of the terms "fixed costs" and…

Q: What is the difference between total costs and marginal costs?

A: Total cost is the total economic cost of production. Variable cost changes according to the quantity…

Q: cost benefit model

A: The benefit under the cost-benefit model is calculated by deducting the associated cost from the…

Q: What is a fixed cost? A variable cost? A mixed cost? Give an example of each

A: Costs are the expenses incurred in business. It means costs incurred for the manufacturing of…

Q: Explain how a cost item can be both a direct cost and an indirect cost.

A: Direct Cost:  Direct Cost means Cost which can be directly allocated to Cost centre/Cost unit. It…

Q: Explain the difference between a direct cost and an indirect cost.

A: Direct Cost: A direct cost is a cost that can directly be associated with a particular department or…

Q: What is the difference between a direct cost and an opportunity cost?  Can you show the difference…

A: For proper control and management decision, management is to be provided with the necessary data to…

Q: What does it mean that a cost is a direct, product, and variable cost?

A: The cost represents the value incurred by the corporation in making the product ready to sell in the…

Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.