I need assistance with formulas to solve this problem. I have attached all screen shots for your review.

Wallis Company manufactures only one product and uses a standard cost system. The company uses a predetermined plantwide overhead rate that relies on direct labor-hours as the allocation base. All of the company's manufacturing overhead costs are fixedit does not incur any variable manufacturing overhead costs. The predetermined overhead rate is based on a cost formula that estimated $2,894,000 of xed manufacturing overhead for an estimated allocation base of 289,400 direct labor-hours. Wallis does not maintain any beginning or ending work in process inventory. The company's beginning balance sheet is as follows: Wallis company Balance Sheet 1/1/xx (dollars in thousands) Assets Cash $ 840 Raw materials inventory 290 Finished goods inventory 410 Property, plant, and equipment, net 9,900 Total assets $11,440 Liabilities and Equity Retained earnings $11,440 Total liabilities and equity $11,440 The company's standard cost card for its only product is as follows: (1) (2) Standard Standard Standard Quantity Price Cost Inputs or Hours or Rate (1) x (2) Direct materials 2 pounds $ 32.80 per pound $ 65.60 Direct labor 3.00 hours $ 13.00 per hour 39.00 Fixed manufacturing overhead 3.00 hours 5 10.00 per hour 30.00 Total standard cost per unit $134.60 During the year Wallis completed the following transactions: Purchased (with cash) 237,000 pounds of raw material at a price of $30.90 per pound. Added 218,500 pounds of raw material to work in process to produce 96,400 units. c. Assigned direct labor costs to work in process. The direct laborers (who were paid in cash) worked 247,800 hours at an average cost of $16.00 per hour to manufacture 96,400 units. d. Applied xed overhead to work in process inventory using the predetermined overhead rate multiplied by the number of direct labor-hours allowed to manufacture 96,400 units. Actual fixed overhead costs for the year were $2,747,000. Of this total, $1,354,000 related to items such as insurance, utilities, and salaried indirect laborers that were all paid in cash and $1,393,000 related to depreciation of equipment. Transferred 96,400 units from work in process to nished goods. Sold (for cash) 93,400 units to customers at a price of $170 per unit. Transferred the standard cost associated with the 93,400 units sold from nished goods to cost of goods sold. Paid $2,127,000 of selling and administrative expenses. Closed all standard cost variances to cost of goods sold. 579' r-F'"? rth Required: 1. Compute all direct materials, direct labor, and fixed overhead variances for the year. 2. Record transactions a through / for Wallis Company. 3. Compute the ending balances for Wallis Company's balance sheet. 4. Prepare Wallis Company's income statement for the year. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Reg 4 Compute all direct materials, direct labor, and fixed overhead variances for the year. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Materials price variance Materials quantity variance Labor rate variance Labor efficiency variance Budget variance Volume varianceReq 1 Req 2 and 3 Req 4 Record transactions a through i for Wallis Company. Compute the ending balances for Wallis Company's balance sheet. (Unfavorable variances and decreases in balance sheet accounts should be entered with a minus sign. Enter your dollars in thousands.) Wallis Company Transaction Analysis For the Year Ended 12/31/XX (dollars in thousands) Material Fixed PP &E Labor Fixed Retained Cash Raw Work-in- Finished Materials Labor Materials Process Goods (net) Price Quantity Rate Efficiency Overhead |Overhead Variance Variance Variance Variance Budget Volume Earnings Variance Variance 1/1 a. b. = C. d. e. f. g. h. i. 12/31Prepare Wallis Company's income statement for the year. (Enter your dollars in thousands. Round your answers to the nearest whole dollar amount.) Total variance adjustments _