8) Economic costs include costs, while accounting costs include Only implicit; both explicit and implicit O Both explicit and implicit; only implicit O Both explicit and implicit; only explicit Only explicit; both explicit and implicit costs.

Only typed answer

Suppose that the firm Smith Co sells 400 blouses per month for $80 per blouse. Roberto, the owner of the business and does not take salary from her business yet. Roberto is a textile engineer by trade and could be earning $ 4800 per month working for a similar firm. The monthly costs of production are as follow: materials: $ 8000 labor: $12800 other: $1600 What is are Smith Co's total explicit costs? $ What is are Smith Co's total implicit costs? $ What is Smith Co's accounting profit? $ What is Smith Co's economic profit? $ ID - -> -

12. Which of the following statements about direct and indirect costs is/are likely to be true? Note: multiple answers possible. Group of answer choices Whether a fixed cost is classified as direct or indirect cost depends on whether the level of production is within or outside the relevant range. Reliability of cost data is usually enhanced with more, rather than less, direct cost categories With the right allocation base, the assignment of indirect costs to a cost object will typically be more accurate than the assignment of direct costs to the same cost object While each indirect cost item would have one or more cost drivers, direct cost items do not typically have a cost driver.