Identify the Fixed Cost from the following:
(a) Labour Cost
(b) Electricity bill
(c) Salary of watchman
(d) Cost of raw materials
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Answer:
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Explanation:
FIXED COST =
COST OF RAW MATERIALS+LABOUR COST+ELECTRICITY BILL+SALARY OF WATCHMAN
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The salary of the watchman is the fixed cost.
What is a fixed cost?
- It is the cost that is constant by increasing or decreasing the product's selling price and cost price
- It is the cost which is provided by a company
- The fixed cost does not change with increasing or decreasing production levels
- It is the liabilities which is written on the balance sheet
- It is a direct or indirect cost that is provided by the company in a certain period
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