Answer:
The infant industry argument says that Question 7 options:
tariffs should be imposed to allow a new industry in a country to get established.
Explanation:
The argument for the infant industry protectionism suggests that the imposition of tariffs on imports gives a new industry in the country the required breathing space it requires to develop, grow, and be established before it can face competitive forces from outside, which imports imply. Since newly formed industries often do not command the economies of scale and learning experience that their competitors from other countries may have, therefore, they need to be singularly shaded from external competition until they have achieved similar economies of scale and learning curve. But, can they attain any competitive edge without learning from competitors?
Definition - To make your business grown larger or faster by diversifying your current product line
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Answer:
c) $5,000
Explanation:
Kansas Plating Company
Cost of Goods Manufactured.
DM used $40,000
Add Direct labor $70,000
Add Overhead $180,000
Total Manufacturing Costs 290,000
Work in Process Inventory
Add Begin. Inv. 5000
Avail. for mfg. 295,000
Less End. Inv. 3,500
0
Cost of goods mfg 260,000
As the beginning balances of materials direct labor and FOH are given we add these to get total manufacturing costs and also the ending balances are given of Cost of Goods Manufactured and ending Inventory we calculate backwards to get to the Work In Process opening Inventory.
