-Using the Table Above Calculate the Balance on Current Account

question 27

Essay

-Using the table above calculate the balance on current account.
(1) Net exports of goods $ 700
- 1000
- 300
(2) Net export of services $ 300
- 200
100
(3) Net investment income $ 250
300
- 50
(4) Net transfer payments $ 50

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Definitions:

Factory Overhead

All indirect costs incurred during the manufacturing process, excluding direct materials and direct labor expenses.

Direct Labor Cost

Direct labor cost refers to the expense incurred by a company for wages paid to workers directly involved in the production of goods or services.

Overapplied

A situation where the allocated costs in cost accounting exceed the actual costs.

Underapplied

A situation where the allocated costs are less than the actual costs incurred.