This question refers to flexibleminusbudget variance formulas with the following descriptions for the variables: a = actual; b = budgeted; p = price; q = quantity. the flexibleminusbudget variance for materials is $ 2 comma 000 (u). the salesminusvolume variance is $ 13 comma 000 (u). the price variance for material is $ 38 comma 000 (f). the efficiency variance for direct manufacturing labor is $ 9 comma 000 (f). calculate the efficiency variance for materials.

For each separate case below, follow the 3-step process for adjusting the prepaid asset account at december 31. step 1: determine what the current account balance equals. step 2: determine what the current account balance should equal. step 3: record the december 31 adjusting entry to get from step 1 to step 2. assume no other adjusting entries are made during the year. a. prepaid insurance. the prepaid insurance account has a $4,700 debit balance to start the year. a re- view of insurance policies and payments shows that $900 of unexpired insurance remains at year-end. b. prepaid insurance. the prepaid insurance account has a $5,890 debit balance at the start of the year. a review of insurance policies and payments shows $1,040 of insurance has expired by year-end. c.prepaidrent.onseptember1ofthecurrentyear,thecompanyprepaid$24,000 for 2 years of rentfor facilities being occupied that day. the company debited prepaid rent and credited cash for $24,000.