Use the below information to answer the following THREE questions (numbered 18 through 20). This information is extracted from the accounting records of Beno Company for last year. The company manufactures wooden tables, and it produces 1,600 tables in a year. The assembly-line workers are on average paid $80 per hour, and each table requires 5 hours from those workers to be completed. Besides, the building is being utilized 80% for factory and 20% for administration.

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

6 points

$240,000

$285,000

$420,000

$722,000

None of the above

19. What is the amount of manufacturing overhead for the year? *

6 points

$662,000

$742,000

$762,000

$964,000

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? *

7 points

$940,000

$1,022,000

$1,232,000

$1,252,000

None of the above

Item Audit Fees 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 $220,000 100,000 650,000 135,000 180,000 212,000 135,000 2,023,000 302,000 192,000 45,000 5,350,000 278,000 350,000 900,000 800,000 400,000