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Gathmon 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 company's balance sheet at the beginning of the year was as follows: 32-24 Gathman Corporation Balance Sheet January 1 Assets Cash Raw materials inventory Finished goods inventory Property, plant, and equipment (net) Total sets $ 999,270 28,080 74,225 785,2380 $1,886,955 Liabilities and Equity Retained earnings Total abilities and equity $1,886,5 $1,806,955 The standard cost card for the company's only product is as follows: Input Direct materials Direct labor Pixed manufacturing overhead Total standard cost per unit Standard Quantity or lours 1.4 pounds 0.5 l 0.5 hours Standard Price or Rate $ 3.00 per pound $28.00 per hour $5.60 per hour Standard Cout $ 4.20 14.00 2.00 $21.00 The standard fixed manufacturing overhead rate was based on budgeted fixed manufacturing overhead of $70,000 and budgeted activity of 12,500 hours. During the year, the company completed the following transactions a. Purchased 21,300 pounds of raw material at a price of $2.70 per pound 3 The standard fixed manufacturing overhead rate was based on budgeted fixed manufacturing overhead of $70,000 and budgeted activity of 12.500 hours. During the year, the company completed the following transactions: 05:12-15 a. Purchased 21,300 pounds of raw material at a price of $2.70 per pound b. Used 25,020 pounds of the raw material to produce 17,800 units of work in process. c. Assigned direct labor costs to work in process. The direct labor workers (who were paid in cash) worked 9,900 hours at an average cost of $27.00 per hour, d Applied foved overhead to the 17,800 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 $133,830. Of this total, $29,060 related to items such as insurance, utilities, and indirect labor salaries that were all paid in cash and $104,770 related to depreciation of manufacturing equipment e Transferred 17,800 units from work in process to finished goods 1. Sold for cash 17600 units to customers at a price of $78.10 per unit 9. Completed and transferred the standard cost associated with the 17600 units sold from finished goods to cost of goods sold. h. Paid $73,540 of selling and administrative expenses Closed all standard cost variances to cost of goods sold Required: 1. Compute all direct materials, direct labor, and fixed overhead variances for the year 2 and 3. Record the above transactions in the worksheet that appears below. Because of the width of the worksheet, it is in two parts In your text, these two parts would be joined side-by-side to make one very wide worksheet and Determine the ending balance leg. 12/31 balance) .each account 4. Prepare an income statement for the year Complete this question by entering your answers in the tabs below. Reg 1 to 3 R4 1. Compute all direct materials, direct labor, and fixed overhead variances for the year 2 and 3. Record the above transactions in the worksheet that appears below. Because of the width of the worksheet, it is in two parts. In your text, these two parts would Determine the ending balance (g. 12/31 balance in each account. (Input all your answers as a positive value. Round your answers to the nearest whole dollar amount 1. Compute all direct materials, direct labor, and fixed overhead variances for the year 2 and 3. Record the above transactions in the worksheet that appears below. Because of the width of the worksheet, it is in two parts. In your text, these two parts would Determine the ending balance (e.g., 12/31 balance in each account. (Input all your answers as a positive value. Round your answers to the nearest whole dollar amount 1210 Labor Rate Variante Materials Materials Price Variance Quantity Variance $ 05 Work in Cash Raw Materials Process 999 270 $ 28 000 $ Val Finished Goods PPSE (net) 0 $ 74,225$ 785,380 Labor Efficiency Variance 0$ FOH Budget FOH Variance 0 $ 0$ $ 1/1 0 $ a. b C d e O 12/31 Reg4 12/31 balance) in each account. 4. Prepare an income statement for the year, 3 Complete this question by entering your answers in the tabs below. Reg 1 to 3 Reg 4 8 01:32:03 Prepare an income statement for the year. Lusher Corporation Income Statement 0 0 S 0