Lusher 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 standard cost card for the company's only product is as follows: The company calculated the following variances for the year: The standard fixed manufacturing overhead rate was based on budgeted fixed manufacturing overheod of $83.545 and budgetek activity of 15,190 hours. During the year, the compony completed the following transactions: a. Purchased 40.150 kilos of row matenal at a price of $5.50 per kilo. b. Used 35,300 kilos of the raw material to produce 23,600 units of work in process. c. Assioned direct labor costs to work in process. The direct labor workers (who were paid in cashl worked 17720 hours at an averade The standard tlxed manufacturing overhead rate was based on budgeted fixed manufacturing overhead of $83,545 and budgeted activity of 15,190 hours During the year, the company completed the following transactions: a. Purchased 40,150 kilos of raw material at o price of $5.50 per kilio. b. Used 35,300 kifos of the raw material to produce 23,600 units of work in proces5. c. Assigned direct labor costs to work in process. The direct labor workers (who were pald in cash) worked 17720 hours ot an average cost of $23,20 per hout. d. Applied fixed overheod to the 23,600 units in work in process inventory using the predetermined overhead rate multiplied by the number of direct labor-hours allowed. Actual fored overhead costs for the year were $115,250. Or this total, $40,250 related to rems such as insurance, utilities, and indirect labor salaries that were all paid in cash and $75.000 related to depreciation of manufacturing equlpment. e. Transferred 23,600 units from work in process to finished goods. Sold for cash 26,400 units to customers at a price of $33.60 per unit. 9. Completed and transferred the standard cost associated with the 26,400 units sold from finished goods to cost of goods sold. h. Paid $171,000 of selling and administrative expenses. L. Closed all standard cost variances to cost of goods sold. Required: 1and 2. Record the above transactions in the worksheet thot appears below. Because of the width of the worksheet, it is in two parts. In your tekt, these two ports would be joined side-by.side to make one very wide worksheet. The beginning balances have been provided for each of the accounts, including the Property. Plant, and Equipment (net) account which is abbreviated as PPSE (net). and Detormine the ending balance (e.g. 12/31 balance) in each account. 3. Prepare an income statement for the year. Complete this question by entering your answers in the tabs below. Determine the ending balance (e.g., 12/31 balance) in each account. 3. Prepare an income statement for the year. Complete this question by entering your answers in the tabs below. Prepare an income statement for the year. Lusher 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 standard cost card for the company's only product is as follows: The company calculated the following variances for the year: The standard fixed manufacturing overhead rate was based on budgeted fixed manufacturing overheod of $83.545 and budgetek activity of 15,190 hours. During the year, the compony completed the following transactions: a. Purchased 40.150 kilos of row matenal at a price of $5.50 per kilo. b. Used 35,300 kilos of the raw material to produce 23,600 units of work in process. c. Assioned direct labor costs to work in process. The direct labor workers (who were paid in cashl worked 17720 hours at an averade The standard tlxed manufacturing overhead rate was based on budgeted fixed manufacturing overhead of $83,545 and budgeted activity of 15,190 hours During the year, the company completed the following transactions: a. Purchased 40,150 kilos of raw material at o price of $5.50 per kilio. b. Used 35,300 kifos of the raw material to produce 23,600 units of work in proces5. c. Assigned direct labor costs to work in process. The direct labor workers (who were pald in cash) worked 17720 hours ot an average cost of $23,20 per hout. d. Applied fixed overheod to the 23,600 units in work in process inventory using the predetermined overhead rate multiplied by the number of direct labor-hours allowed. Actual fored overhead costs for the year were $115,250. Or this total, $40,250 related to rems such as insurance, utilities, and indirect labor salaries that were all paid in cash and $75.000 related to depreciation of manufacturing equlpment. e. Transferred 23,600 units from work in process to finished goods. Sold for cash 26,400 units to customers at a price of $33.60 per unit. 9. Completed and transferred the standard cost associated with the 26,400 units sold from finished goods to cost of goods sold. h. Paid $171,000 of selling and administrative expenses. L. Closed all standard cost variances to cost of goods sold. Required: 1and 2. Record the above transactions in the worksheet thot appears below. Because of the width of the worksheet, it is in two parts. In your tekt, these two ports would be joined side-by.side to make one very wide worksheet. The beginning balances have been provided for each of the accounts, including the Property. Plant, and Equipment (net) account which is abbreviated as PPSE (net). and Detormine the ending balance (e.g. 12/31 balance) in each account. 3. Prepare an income statement for the year. Complete this question by entering your answers in the tabs below. Determine the ending balance (e.g., 12/31 balance) in each account. 3. Prepare an income statement for the year. Complete this question by entering your answers in the tabs below. Prepare an income statement for the year