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If you can, would you please help! There are other examples of a similar problem other students asked. None of them is correct. If you
If you can, would you please help! There are other examples of a similar problem other students asked. None of them is correct. If you could show your work I would greatly appreciate it. Thank you
The company's beginning balance sheet is as follows: The company's standard cost card for its only product is as follows: During the year Phoenix completed the following transactions: a. Purchased (with cash) 460,000 pounds of raw material at a price of $26.50 per pound. b. Added 430,000 pounds of raw material to work in process to produce 125,000 units. c. Assigned direct labor costs to work in process. The direct laborers (who were paid in cash) worked 265,000 hours at an average cost of $15.00 per hour to manufacture 125,000 units manufacturing overhead costs for the year (all paid in cash) were $480,000. e. Transferred 125,000 units from work in process to finished goods. f. Sold (for cash) 123,000 units to customers at a price of $175 per unit. g. Transferred the standard cost associated with the 123,000 units sold from finished goods to cost of goods sold. h. Paid $3,300,000 of selling and administrative expenses. i. Closed all standard cost variances to cost of goods sold. Required: 1. Compute all direct materials, direct labor, and variable overhead variances for the year. 2. Record transactions a through i for Phoenix Company. 3. Compute the ending balances for Phoenix Company's balance sheet. 4. Prepare Phoenix Company's income statement for the year. The company's beginning balance sheet is as follows: The company's standard cost card for its only product is as follows: During the year Phoenix completed the following transactions: a. Purchased (with cash) 460,000 pounds of raw material at a price of $26.50 per pound. b. Added 430,000 pounds of raw material to work in process to produce 125,000 units. c. Assigned direct labor costs to work in process. The direct laborers (who were paid in cash) worked 265,000 hours at an average cost of $15.00 per hour to manufacture 125,000 units manufacturing overhead costs for the year (all paid in cash) were $480,000. e. Transferred 125,000 units from work in process to finished goods. f. Sold (for cash) 123,000 units to customers at a price of $175 per unit. g. Transferred the standard cost associated with the 123,000 units sold from finished goods to cost of goods sold. h. Paid $3,300,000 of selling and administrative expenses. i. Closed all standard cost variances to cost of goods sold. Required: 1. Compute all direct materials, direct labor, and variable overhead variances for the year. 2. Record transactions a through i for Phoenix Company. 3. Compute the ending balances for Phoenix Company's balance sheet. 4. Prepare Phoenix Company's income statement for the yearStep by Step Solution
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