Sebastian decides to open a tree farm. when deciding to open his own business, he turned down two separate job offers of $25,000 and $30,000 and withdrew $20,000 from his savings. sebastian’s savings account paid 3 percent interest. he also borrowed $20,000 from his brother, whom he pays 2 percent interest per year. he spent $15,000 to purchase supplies and earned $50,000 in revenue during his first year. which of the following statements is correct?
$30,600
$55,600
$50,000
$75,600

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: