The potential benefit of one alternative that is lost by choosing another is known as a(n): Select one: O a. Sunk cost O b. Out of pocket cost. O c. Opportunity cost O d. Differential cost Which methods of evaluating a capital investment project ignore the time value of money? Select one: O a Payback period and accounting rate of return O b. Accounting rate of retum and internal rate of return O c. Net present value and payback period. O d. Net present value and accounting rate of return Equivalent units of production are equal to Select one: O a. The number of units started into the manufacturing process that period. O b. The number of units actually completed that period. O c. The number of units that could have been completed if all effort had been applied to units that were started and completed that period Od. The number of units still in process that period. Which of the following statements is true? Select one: O a. Absorption costing treats fixed manufacturing overhead as a period cost. O b. Variable costing treats fixed manufacturing overhead as a period cost. O c. Variable costing always reports higher profit on the income statement than absorption costing O d. Absorption costing always reports higher profit on the income statement than variable costing