Use the following to answer questions : 
-(Table: Production Possibilities for the United States and Canada) Look at the table Production Possibilities for the United States and Canada. Both nations can produce cars and lumber. If these nations trade, Canada has the comparative advantage in _____ and should trade _____ to the United States in exchange for _____.
Definitions:
Overhead Applied
The allocation of overhead costs to specific jobs or cost objects based on a predetermined overhead rate, helping in accurately costing products or services.
Work in Process
Inventory that includes the raw materials, labor, and overhead costs for products that are in the production process but not yet complete.
Total Manufacturing Costs
The sum of all costs directly involved in the production of goods, including raw materials, direct labor, and manufacturing overhead.
Absorption Cost Approach
A method of costing that includes all manufacturing costs - direct materials, direct labor, and both variable and fixed overhead - in the cost of a unit of product.
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