TB MC Qu. 10B-105 (Static) Alvino Corporation manufactures one... Alvino Corporation monufactures one product. If does not maintain any beginning or ending Work in Process inventonies. The company uses a standard cost system in which inventories are recorded at their standard costs and ony variances are closed directly to Cost of Goods Sold. There is no variable manufacturing overhead The standard cost card for the company's only product is as follows: The standard fixed manufacturing overhead rate was based on budgeted fixed manufocturing overhead of $70,000 and budgeted activity of 14,000 hours. During the yeas, the company compleed the following transactions: a. Purchased 32,200 kilos of taw matecial at a price of $7.80 pet kilo. The materials price variance was $22.540F. b. Used 30,480 kios of the raw material to produce 27,800 units of work in process. The materials quantily variance was $850F C Assigned direct labor costs to work in process. The direct labor woikers (who were paid in cosn) worked ti.260 hours at an average cost of $20.50 per houe. The direct labor rate variance was $9.130 U. The labor efficiency variance was $24,000F d. Applied fixed ovemeed to the 27,800 units in work in process inventory using the predetermined overhead rate multiplied by the number of direct labor hours allowed. Actual fixed overhead costs for the year were $59,500. Of this total, $22,500 related to items such as insurance, watilies, and indirect labor salaries that were all paid in cash and $82,000 related to depreciation of manufacturing equipment. The fued manutacturing overhead budgel variance was $10,500F. The fised manufocturing overhead volume variance was $27,300F e. Completed and transferred 27.800 units from work in process to finished goods. t. Sold (for cash) 29.000 units to customers at a price of $31.90 per unit. 9. Transterred the standard cost associated with the 29,000 units sold from finished goods to cost of goods sold. h. Paid $101,000 of seling and administrative expenses. ovethesd volume variance was $27,300F e. Completed and transferted 27,800 units from work in process to finished goods f. Sold (for cast) 29,000 units to customers at a price of $3190 per unit. 9. Iransferred the standard cost associated with the 29,000 units sold from finished goods to cost of goods sold h. Pold 5101,000 of selling and odministrative expenses. 1. Cosed all standard cost variances to cost of goods sold To answer the following questions, you will need to record transactions a through i in the worksheet below. This worksheet is similar to the worksheets in your text except that it has been split into two parts to fit on the poge. PPsE inet stands for Property, Plant, and Equipment net of depreciation. The ending balance in the Cash account will be closest to: The ending bolance in the Cash account will be closest to Multiple Choice $1,288,570 51,412.110 5221310 $1.31410 Equipment net of depreciation. The ending balance in the PP\&E (net) account will be closest to: Multiple Choice $700,300 $580,500 $677,800 $595,800