Pam runs a hot dog cart at the sports stadium. pam has no skills, no job experience, and no alternative employment. entrepreneurs in the hot dog cart business earn $19,000 a year. pam pays the rent of $1,500 a year, and her total revenue is $14,000 a year. she borrowed $1,000 at 10% a year to buy equipment. at the end of one year, pam was offered $700 for her business and all its equipment. a. pam's explicit costs are $_b. pam's implicit costs are $_c. pam's economic profit in the first year is $_

Regarding the flow of costs through the inventory accounts, which of the following statements is incorrect? a. the costs flow from raw materials inventory to work-in-process inventory to finished goods inventory. b. the format for computing the amount used, manufactured, or sold is the same for all three inventory accounts. c. the final amount at each stage is added at the beginning of the next stage. d. purchases of raw material and freight in are debited to the work-in-process inventory account.