Morrison Company began the year with the following balances in its inventory accounts: Raw Materials $ 15,000 Work‐in‐Proces
s $ 45,000 Finished Goods $ 85,000 Morrison applies overhead to production using direct labor hours. As of the beginning of the year, Morrison estimated the year’s total manufacturing overhead to be $140,000 and total direct labor hours to be 5,000. The following transactions occurred during the year: 1. Purchased $94,000 of raw materials on account. 2. Used $87,000 of raw materials. The materials used were classified as: Direct materials $69,000 Indirect materials $18,000 3. Incurred and paid wages and salaries of $190,000, classified as: Direct labor $130,000 (5,200 hours at $25 per hour) Indirect labor $ 15,000 Selling and administration $ 45,000 4. Incurred various costs totaling $83,000, related to: Production (i.e. manufacturing overhead) $60,000 Selling and Administration $23,000 5. Recorded total depreciation of $60,000, related to: Manufacturing equipment $43,000 Equipment used for selling and administration $17,000 6. Work in process totaling $290,000 was transferred to Finished Goods during the year. 7. Finished goods costing $300,000 were sold during the year.
Agriculture and clothing are the two industries receiving protection.
Protectionism in agricultural trade takes numerous shapes from charges and red tape at the border to so-called non-tariff measures such as agricultural and nourishment security guidelines that surpass those suggested by international public health bodies. The World Trade Organization (WTO) does not set benchmarks but emphatically energizes part nations to utilize universally acknowledged science-based benchmarks at whatever point available along with that The textile and apparel sectors are the foremost ensured segments within the world. not at all like the assurance managed other manufactured items, the materials and apparel segments within the created nations show up to be the beneficiaries of changeless security. Beneath the MFA, trades from creating nations are restricted by sending out shares coming about from bilateral courses of action arranged with bringing in created nations. MFA was at first aiming to supply an efficient but controlled liberalization of universal exchange in materials and attire.