Homework Answers
Answer : Explicit cost = Wages + Equipment spending + Spending on raw materials
=> Explicit cost = 122,000 + 112,000 + 73,000 = $307,000
Accounting cost include only explicit cost. So, the accounting cost of Reliance is $307,000.
Therefore, option A is correct.
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An example of an implicit cost is the O A. payment of interest on borrowed funds OB. lost interest received on funds used for a business invesetment. OC. wages employees receive. OD. cost of purchasing a new threshing machine.
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