The following direct materials and direct labor data pertain to the operations of laurel company for the month of august. costs actual labor rate $12 per hour actual materials price $250 per ton standard labor rate $11.50 per hour standard materials price $251 per ton quantities actual hours incurred and used 4,000 hours actual quantity of materials purchased and used 1,500 tons standard hours used 4,070 hours standard quantity of materials used 1,475 tons

At april 1, 2019, the food and drug administration is in the process of investigating allegations of false marketing claims by hulkly muscle supplements. the fda has not yet proposed a penalty assessment. hulkly’s fiscal year ends on december 31, 2018. the company’s financial statements are issued in april 2019. required: for each of the following scenarios, determine the appropriate way to report the situation. 1. management feels an assessment is reasonably possible, and if an assessment is made an unfavorable settlement of $13 million is reasonably possible. 2. management feels an assessment is reasonably possible, and if an assessment is made an unfavorable settlement of $13 million is probable. 3. management feels an assessment is probable, and if an assessment is made an unfavorable settlement of $13 million is reasonably possible. 4. management feels an assessment is probable, and if an assessment is made an unfavorable settlement of $13 million is probable.