The value of U. S. imports is Multiple Choice added to exports when calculating GDP because imports reflect spending by Americans. subtracted from exports when calculating GDP because imports do not constitute production in the United States. subtracted from exports when calculating GDP because imports do not constitute spending by Americans. added when calculating GDP because imports do not constitute production in the United States.

Frost corporation incurred the following transactions during its first year of operations. (assume all transactions involve cash.) 1) acquired $1,900 of capital from the owners. 2) purchased $435 of direct raw materials. 3) used $290 of these direct raw materials in the production process. 4) paid production workers $490 cash. 5) paid $290 for manufacturing overhead (applied and actual overhead are the same). 6) started and completed 250 units of inventory. 7) sold 140 units at a price of $6 each. 8) paid $130 for selling and administrative expenses. the amount of raw material inventory on the balance sheet at the end of the accounting period would be: