2. An owner of a local bakery is evaluating his inventory. He is trying to determine his best-selling items and decide what to keep and what to let go. How could he apply the principle of opportunity costs to make the best decision about his resources? Identify the meaning of opportunity costs. Explain how it would apply to this entrepreneur.

Direct materials (4.2 x $15) $ 63direct labor ($12 x 17.5) $210manufacturing overhead ($2.40 x 17.5) $42total job cost $ 315dougan, inc. allocates overhead based on a predetermined overhead rate of $2.40 per direct labor hour. employees are paid $12.00 per hour. job 24 requires 4.2 pounds of direct materials at a cost of $15.00 per pound. employees worked a total of 17.5 hours to complete the job. actual manufacturing overhead costs totaled $80,000 for the year for the company. how much is the cost of job 24?