Given below is information extracted from the accounting records of Sola Company for last year. The company manufactures wooden tables, and it produces 2,000 tables in a year. The assembly-line workers are on average paid $75 per hour, and each table requires 6 hours from those workers to be completed. Besides, the building is being utilized 80% for factory and 20% for administration.

19. What is the balance of raw materials inventory at the beginning of the year? *

5 points

$325,000

$365,000

$485,000

$760,000

None of the above

20. What is the balance of total inventories that is reported under the current assets section of the balance sheet at the end of the year? *

5 points

$1,021,000

$1,111,000

$1,281,000

$1,299,000

None of the above

Item Accounting Staff Salaries Depreciation on Building Direct Materials used in Production During the Year Factory Cleaning Supplies Glue and Oil Purchased and Used During the Year Machinery Repairs Medical Insurance for Factory Supervisors Net Operating Income Paint Purchased During the Year Product Marketing Costs Salary of Chief Executive Officer Sales Wood Purchased During the Year Raw Materials Inventory (End of the Year) Work-in-Process Inventory (Beginning of the Year) Finished Goods Inventory (Beginning of the Year) Finished Goods Inventory (End of the Year) Amount $185,000 90,000 697,000 120,000 160,000 193,000 100,000 1,771,000 275,000 170,000 39,000 4,970,000 263,000 326,000 760,000 740,000 390,000