The budget for the month of May was for 17,200 units at a direct materials cost of $34 per unit. Direct labor was budgeted at 43 minutes per unit for a total of $154,800. Actual output for the month was 10,400 units with $175,000 in direct materials and $96,775 in direct labor expense. The direct labor standard of 43 minutes was obtained throughout the month. Variance analysis of the performance for the month of May would show a(n): (CMA adapted) Group of answer choices favorable direct labor efficiency variance of $3175. unfavorable direct labor price (rate) variance of $3175. unfavorable direct labor efficiency variance of $3175. favorable materials efficiency (quantity) variance of $9400.

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Insurance companies have internal controls in place to protect assets, monitor the accuracy of accounting records and encourage operational efficiencies and adherence to policies. these internal controls are generally of two types: administrative controls and accounting controls. administrative controls are the policies and procedures that guide the daily actions of employees. accounting controls are the policies and procedures that delineate authorizations of financial transactions that are done, safeguard assets, and provide reports on the company’s financial status in a reliable and timely manner. internal controls should include both preventative and detective controls. the purpose of preventative controls is to stop problems and errors before they occur. detective controls identify problems after they have occurred. preventative controls are usually more effective at reducing problems, but they also tend to be more expensive. internal controls must be flexible to adjust for changes in laws and regulations in addition to adding new products or modifying current ones. companies must also do regular analyses to ensure that the benefits of implementing the controls are worth their costs. when concerned about paying unwarranted insurance claims which type of control would be useful?

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: