Please see attached upload for question, I will also require The ending balance in the PP&E (net) account will be closest to:

Practice : Week 3 Knowledge Check ! Saved Help\\ \\Save & Exit Submit 2 Arena Corporation manufactures one product . It does not maintain any beginning or ending Work in Process inventories . The company uses a standard cost system in which inventories are* recorded at their standard costs and any 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 :* Standard points Quantity Standard Price or Standard Inputs OF { Rate Cost Direct materials 1 . 2 pounds $ 5 . 50 per pound $ 6 . 60 Direct labor* 0 . 90 hours $ 21 . 00 per hour 18 . 90 Book Fixed manufacturing overhead 0 . 90 hours $ 4. 50 per hour 4 . 05 Total standard cost per unit $29 . 55 References The standard fixed manufacturing overhead rate was based on budgeted fixed manufacturing overhead of $81 , 000 and budgeted activity of 18 , 000 hours . During the year , the company completed the following transactions :" 2 . Purchased 35 , 400 pounds of raw material at a price of $ 4.60 per pound ." ` . Used 32 , 180 pounds of the raw material to produce 26 , 900 units of work in process ." C . Assigned direct labor costs to work in process . The direct labor workers ( who were paid in cash ) worked 23 , 810 hours at an average cost of $20.60 per hour .\\ d. Applied fixed overhead to the 26 , 900 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 $67 , 800 . Of this total , $3 , 800 related to items such as insurance , utilities , and indirect labor salaries that we're all paid in cash and $64 , 000 related to depreciation of manufacturing equipment .` C . Completed and transferred 26 , 900 units from work in process to finished goods . {. Sold ( For cash ) 27,100 units to customers at a price of $36 .60 per unit .\\ 9. Transferred the standard cost associated with the 27 , 100 units sold from finished goods to cost of goods sold . 17 . Paid $149,000 of selling and administrative expenses .* 1 . Closed all standard cost variances to cost of goods sold . The company calculated the following variances for the year :" Materials price variance $31 , 860 F* Materials quantity variance 550 F Labor rate variance* $ 9 9 , 524 F Labor efficiency variance $ 8 , 400 F Fixed manufacturing overhead budget variance $13 , 200 F Fixed manufacturing overhead volume variance $ 27 , 945 { 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 page . PP &E ( net ) stands for Property , Plant , and Equipment net of depreciation ." Materials Materials Labor Raw work in Finished PPGE Price Quantity Labor Rate Efficiency FOH Budget FOH Volume Retained Cash Materials Process Goods ( net ) Variance Variance V Variance Variance Variance Variance Earnings 1 / 1 $1 , 200 , 000 $29 , 700| $70 , 920 $505 , 400 =\\ OS SO SO SO SO SO SO $1 , 806 , 020 a . b . C . d