During tre year. Wallis completed the following transactions a. Putchased (with cash) 239500 pounds ol raw material at a price of $3140 per pound b. Added 219750 pounds of raw material to work in process to produce 96,900 units c. Asslaned direct labor costs to work in procegs. The direct laborets (who were paid in cash) worked 248,800 hours at an average cost of $1600 per hour to manuticture 96,900 units d Applied tixed overth th waik in process inventory using the predelermined overhead rate multipled by the number of direct $1,359,000 refuted to woch as ingurance, utilites, and 5 alontd indirect iaborers that were all paid in cash and $1,390,500 related to depreciotio is equipenent. E. Tringierred 96900 anits trom work in process to finished goods t. Sold (for cash) 93,900 units to customeis at a price of 5170 per unit. 9. Transferted the standard cost associated with the 93,900 units sold from finished gopds to cost of goods sold. in Pald $2.129.500 of sieling and administrative eipenses. 1. Closed all standard cost voriances to cost of goodis sold. Required: 1. Compute all direct materibis, direct labor, and fixed overhelad vanances for the year 2. Becord tramoctions o troughi ifor Waills Company 3. Compute the ending bnitunces for Willis Campanys salance shet. 4 Prepare Woilis Conipany's incoine statement for the year Cemplein this question ty mmiering youir aiswers in the tabw below, Comphete this quetion by ortoring your amwires in the talis belece. Cemmelete this question by entering your answors in thie taths below, During tre year. Wallis completed the following transactions a. Putchased (with cash) 239500 pounds ol raw material at a price of $3140 per pound b. Added 219750 pounds of raw material to work in process to produce 96,900 units c. Asslaned direct labor costs to work in procegs. The direct laborets (who were paid in cash) worked 248,800 hours at an average cost of $1600 per hour to manuticture 96,900 units d Applied tixed overth th waik in process inventory using the predelermined overhead rate multipled by the number of direct $1,359,000 refuted to woch as ingurance, utilites, and 5 alontd indirect iaborers that were all paid in cash and $1,390,500 related to depreciotio is equipenent. E. Tringierred 96900 anits trom work in process to finished goods t. Sold (for cash) 93,900 units to customeis at a price of 5170 per unit. 9. Transferted the standard cost associated with the 93,900 units sold from finished gopds to cost of goods sold. in Pald $2.129.500 of sieling and administrative eipenses. 1. Closed all standard cost voriances to cost of goodis sold. Required: 1. Compute all direct materibis, direct labor, and fixed overhelad vanances for the year 2. Becord tramoctions o troughi ifor Waills Company 3. Compute the ending bnitunces for Willis Campanys salance shet. 4 Prepare Woilis Conipany's incoine statement for the year Cemplein this question ty mmiering youir aiswers in the tabw below, Comphete this quetion by ortoring your amwires in the talis belece. Cemmelete this question by entering your answors in thie taths below
