1. After working as a chef for many years, Peter finally wanted to open his own restaurant. Then his opportunity came along. He inherited some money from his distant relative and eventually started his restaurant a year ago. At the end of year one, Peter found he had spent $ 650,000 on rental, wages and other expenses. The restaurant brought in $ 750,000 revenue. However, Peter had to give up his old job where he earned $120,000 a year. a. Calculate the accounting costs and accounting profit for Peter? Ans: Accounting Cost = Accounting Profit =