Mutual funds . a. are organizations that distribute new issues of securities for corporations b. are depository institutions that are owned by its depositors, who are often members of a common organization or association c. are groups of investment banking firms formed to spread the risk associated with the purchase and distribution of a new issue of securities d. are investment companies that use funds provided by savers to buy various types of financial assets, including stocks and bonds, in the financial markets e. cater to savers, especially individuals who have relatively small savings or need long-term loans to purchase houses

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: