The US__________ Exceeded $750 Billion in 2014,with About a Quarter Accounted

question 20

Multiple Choice

The U.S.__________ exceeded $750 billion in 2014,with about a quarter accounted for by trade with China and another quarter by oil imports.

• A)surplus of consumer goods
• B)trade deficit
• C)trade surplus
• D)restricted free trade

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Definitions:

Materials Cost

The total expense of materials used in the production of a product, including direct materials and any additional materials necessary for production.

Conversion Costs

The combined costs of direct labor and manufacturing overheads incurred to convert raw materials into finished goods.

Weighted-Average Method

An inventory costing method that calculates the cost of goods sold and ending inventory based on the average cost of all inventory items, weighted by the quantity of each item.

Painting Department

A specific section within a manufacturing facility where products or parts are painted, typically distinguished for costing and operational purposes.