Which of the following statements are true? Multiple select question. Raw materials inventory only includes the cost of direct m
aterials. Raw materials inventory represents the cost of materials not yet used in production. When materials are purchased they are recorded in the Raw materials inventory account. Direct labor costs flow through the Raw materials inventory account.
Export is the sum total of goods and services sold to other countries. For example, if clothes are sold to China, it constitutes export.
Import is the sum total of goods and services bought from other countries. If a laptop manufactured in China is sold to someone in the US, this is import
Trade deficit is when a country imports more than it exports
