Fixed and Variable Costs
Daisy has a cupcake decorating supply shop, Daisy's Decorating Depot.
Last year, the shop earned $92,000 in total revenue and spent $22,000 on decorating supplies, $1490 on electricity and other operating costs, and rented her store front for $1450 a month. In addition, she paid a total of $1250 on corporate and income taxes.
Before opening the shop, Daisy worked full time (40 hours a week for 52 weeks) at a movie theatre that paid $10.50 an hour. To start her business, Daisy quit her job and withdrew $22,000 from her bank account – where she was earning 7.50% interest per year – and used the funds to purchase decorating supplies.
What are Daisy's explicit costs? Implicit costs? Please round your final answer to two decimal places.
◦ $40,890.00, $23,490.00
◦ $42,140.00, $23,490.00
◦ $42,140.00, $21,840.00
◦ $40,890.00, $21,840.00
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