An opportunity cost table is developed by first subtracting the minimum value in each row from all other row values and then repeating this process for each column
Indicate whether this statement is true or false.
Answer: TRUE
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After the need has been determined, the next step in the buying process is to determine the characteristics of the product or service needed as specifically as possible
Indicate whether the statement is true or false
The state of Illinois has passed a law requiring that every automobile be inspected at least once a year for pollution control. Anfang Enterprises is considering entering into this type of business. After extensive studies, Joseph Anfang has developed the following set of projected annual data on which to make his decision: Direct service labor $363,000.00 Variable service overhead costs
270,000.00 Fixed service overhead costs 280,000.00 Marketing expenses 120,000.00 General and administrative expenses 170,000.00 Minimum profit 90,000.00 Cost of assets employed 500,000.00 Anfang believes that his company will inspect 100,000 automobiles per year. The company earns an average of 18.75 percent return on its assets. The price to be charged for inspecting each automobile using the return on assets pricing method would be calculated as follows: a. ($913,000.00 ÷ 100,000) + {($913,000.00 ÷ 100,000) ? [($90,000 + $290,000) ÷ $913,000.00]} b. ($1,203,000.00 ÷ 100,000) + [($1,203,000.00 ÷ 100,000) ? ($90,000 ÷ $1,203,000.00)] c. ($1,203,000.00 ÷ 100,000) + [($500,000 ÷ 100,000) ? 0.1875] d. None of these
One of the important factors when selecting appropriate cost drivers is the ability to overcost related services.
Answer the following statement true (T) or false (F)
The major source of law that governs contracts is:
A) common law. B) legal dictionaries. C) civil law. D) restatement of law.