Answer:
A. True
B. True
C. True
D. True
E. False
F. True
Explanation:
It is true that under regional trade agreements, several countries eliminate tariffs among themselves and lower tariffs against all other countries.
It is true that regional trade agreements are consistent with GATT's most favored nation principle. GATT is an acronym for General agreement on tarrifs and trade and most favoured nation (MFN) is a status or level of treatment accorded by one state to another in international trade. The term means the country which is the recipient of this treatment must nominally receive equal trade advantages as the "most favoured nation" by the country granting such treatment (trade advantages include low tariffs or high import quotas).
It is true that the countries in the European Union (EU) keep their own tariffs with the countries outside the EU. The EU trade agreement is basically to promote trade among EU countries, not necessarily to lower tariffs for non members.
US and China have a trade agreement which lowers tarrifs and US and Canada operate a Free Trade agreement (FTA) which seeks to eliminate all tarrifs on trade between the two countries. Therefore If China wants to sell a good to Canada, it can first export it to the United States, where the tariff is lower, and then ship it duty- free to Canada.
It is false that countries who enter into a free trade area agreement maintain a common schedule of tariffs with countries outside the agreement. The agreement does not cover trade among non members.
In customs union, rules of origin are not needed. Custom unions only considers where the good is shipped from and not the originating nation.
Answer:
Total manufacturing overhead cost will be closest to 61,340
Explanation:
As we can see there is not step-up fixed cost that is no additional fixed cost will incurred upon producing extra units, therefore fixed cost will remain same that is 37,820.
Variable overhead cost will increase with increase in units therefore, variable cost for producing 14,700 units will be 1.6 x 14,700 = 23,520.
To find total overhead cost we will simply add fixed and variable overhead cost:
Total overhead cost = fixed overhead cost + variable overhead cost
Total overhead cost = 37,820 + 23,520
Total overhead cost = 61,340
Answer:
True
Explanation:
<em>Absorption costing is a method of costing where production units and inventories are value at the full cost per unit. Here, fixed overheads are charged to all units produced using an overhead absorption rat</em>
<em>Under the traditional absorption costing system, overhead is assigned to units produced using different bases ranging from labour hours, machine hours, e.t.c</em>
Overhead absorption rate = Estimated overhead/Estimated Activity level
Answer : True
For this question, make sure to utilize the price charts given. To solve for the net revenue (which is also known as net operating income or net profit) take the gross sales and subtract the cost of the sales, including the cost of goods sold. From that you will be able to tell the net revenue earned from the high-priced ticket.
Answer:
$129,127
Explanation:
Cardinal company bank statement showed a balance of $180,974 at May 31
The reconciling items consisted of outstanding checks of $51,847
Therefore, the amount that should be shown in Cardinal cash account on May 31 can be calculated as follows
= $180,974-$51,847
= $129,127
Hence a balance of $129,127 should be shown on the Cardinal cash account on May 31
