Countries participate in foreign trade because it does not have the comparative advantage in the production of all goods.
<h3>What is comparative advantage?</h3>
A country has comparative advantage in production if it produces at a lower opportunity cost when compared to other countries. For example, some countries do not have crude oil, so it would have to import from countries that produce crude oil. It would be more efficient for these countries to import crude oil.
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Answer:
Fixed overhead application rate
= <u>Budgeted fixed overhead</u>
Budgeted direct labour hours
= <u>$200,000</u>
25,000 hours
= $8 per diect labour hour
Fixed overhead volume variance
= (Standard hours - Budgeted hours) x Fixed overhead application rate
$8,000 = (SH - 25,000) x $8
$8,000 = 8SH - 200,000
$8,000 + $200,000 = 8SH
$208,000 = 8SH
SH = $208,000/8
SH = 26,000 hours
Fixed manufacturing overhead application rate
= 26,000 hours x $8
= $208,000
The correct answer is C
Explanation:
In this case, we need to calculate the fixed overhead application rate, which is the ratio of budgeted fixed overhead to budgeted direct labour hours.
Then we will determine the standard hours from fixed overhead volume variance. Since budgeted hours and fixed overhead volume variance have been given, we need to make standard hours the subject of the formula.
Finally, we will calculate the fixed overhead applied, which is the product of fixed overhead application rate and standard hours.
If Jill engage or follow the theory of mcgregor in terms of
approaching management, then she is likely to assume that a worker or an
average worker would prefer to be directed in which they would rather to be
ordered or consulted directly.
Answer:
b. False
Explanation:
Selling price of Painting = $30,000
Purchase price of Painting = $10,000
Contribution of Painting = Value of Painting - Purchase price of painting
Contribution of Painting = $30,000 - $10,000 = $20,000
Oriole's charitable contribution deduction is $20,000
So, the statement is false as the contribution is $20,000 rather $30,000.
Answer:
e. Tips and gratuities
Explanation:
You must include in your gross income all wages and benefits, salaries and tips received in respect of performance services as an employee. Once you get tips, the tip money you get will be payed by you for Medicare and social security. For the IRS, tips is just like wages to become a taxable income.