Elton is a state representative for the North Dakota legislature. Recently, Elton and his colleagues in the legislature proposed a law that would increase the penalty drivers would have to pay if they pass a stopped school bus. The type of law that Elton and his colleagues will enact is known as: (choose one answer) a. statutory law.
b. common law.
c. administrative law.
d. an ordinance.

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: