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Phoenix Company manufactures only one product and uses a standard cost system. The company uses a plantwide predetermined overhead rate that relles on direct labor-hours as the allocation base. The predetermined overhead rate is based on a cost formula that estimated $2,896,800 of fixed and variable manufacturing overhead for an estimated allocation base of 241.400 direct labor- hours, Phoenix does not maintain any beginning or ending work in process inventory The company's beginning balance sheet is as follows: Phoenix Company Balance Sheet 1/1XX (dollars in thousands) Assets Cash 5 3,300 Raw materials inventory 440 Finished goods inventory 820 All other assets 14,800 Total assets $ 19,350 Liabilities and Equity Retained earnings $ 19,360 Total liabilities and equity $ 19,360 The company's standard cost card for its only product is as follows: Inputs Direct materials Direct labor Vanable manufacturing overhead Fred manufacturing overhead Total standard cont per unit (2) Standard Standard Quantity Price of Hours or Rate 3 pounds 5 32.00 per pound 2.00 hours $18.00 per hour 2.00 hours $ 200 per hour 2 00 hours $ 10.00 per hour Standard Cost (1)-(2) $95.00 36.00 400 2000 $ 150.00 During the year Phoenix completed the following transactions: a. Purchased with cash) 467,000 pounds of raw material at a price of $33.50 per pound D. Added 435 600 pounds of raw material to work in process to produce 127,800 units Astigned direct labor costs to work in process. The direct laborers (who were paid in cash) worked 267,800 hours at an average cost of $15.00 per hour to manufacture 127,800 units d. Applied variable manufacturing overhead to work in process inventory using the variable portion of the predetermined overhead rate multiplied by the number of direct labor hours allowed to manufacture 127,800 units. Actual variable manufacturing overhead costs for the year (all paid in cash) were $482,800 e Applied mixed manufacturing overhead to work in process inventory using the fixed portion of the predetermined overhead rate ework Saved During the year Phoenix completed the following transactions a. Purchased with cash) 467.000 pounds of raw material at a price of $33,50 per pound b. Added 435,600 pounds of raw material to work in process to produce 127,800 units. c Assigned direct labor costs to work in process. The direct laborers (who were paid in cash) worked 267,800 hours at an average cost of $15.00 per hour to manufacture 127,800 units. d Applied variable manufacturing overhead to work in process inventory using the variable portion of the predetermined overhead rate multiplied by the number of direct labor-hours allowed to manufacture 127,800 units. Actual variable manufacturing overhead costs for the year (all paid in cash) were $482,800. e Applied fixed manufacturing overhead to work in process Inventory using the fixed portion of the predetermined overhead rate multiplied by the number of direct labor-hours allowed to manufacture 127,800 units. Actual fixed manufacturing overhead costs for the year were $2,457,000 of this total, $1,314,000 related to items such as insurance, utilities, and salaried indirect laborers that were all paid in cash and $1143,000 related to depreciation of equipment 1. Transferred 127,800 units from work in process to finished goods 9. Sold (for cash) 127,000 units to customers at a price of $190 per unit. h. Transferred the standard cost associated with the 127,000 units sold from finished goods to cost of goods sold. Paid $800,000 of selling and administrative expenses J.Closed all standard cost variances to cost of goods sold Requ1 1 compute all direct materials, direct labor, variable overhead, and fixed overhead variances for the year 2 Record transactions a through for Phoenix Company 3. Compute the ending balances for Phoenix Company's balance sheet 4. Prepare Phoenix Company's income statement for the year Complete this question by entering your answers in the tabs below. Req1 Reg 2 and 3 Reg 4 Record transactions a through for Phoenix Company, Compute the ending balances for Phoenix Company's balance sheet. (Unfavorable variances and decreases in balance sheet accounts should be entered with a minus sign. Enter your dollars in thousands rounded to Phoenix Company Transaction Analysis For the Year Ended 12/31/XX ut ya wi>2.-31.VU. VII LUG 1,514.00UI CU IU HIS SUCH about, ut were all paid in cash and $1,143,000 related to depreciation of equipment 1 Transferred 127,800 units from work in process to finished goods 9. Sold (for cash) 127000 units customers a price of $190 per unit n. Transferred the standard cost associated with the 127000 units sold from finished goods 1 Pald $800.000 of selling and administrative expenses J. Closed all standard cost variances to cost of goods sold. Required: 1. Compute all direct materials, direct labor, vanable overhead, and fixed overhead vanances 2. Record transactions a through for Phoenix Company 3. Compute the ending balances for Phoenix Company's balance sheet 4. Prepare Phoenix Company's income statement for the year Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 and 3 Reg 4 Compute all direct materials, direct labor, variable overhead, and fixed overhead variances for th each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zu amounts as positive values. Round intermediate calculations to two decimal places.) Materials price variance Materials quantity variance Labor rate variance Labor efficiency variance Variable overhead rate variance Vanable overhead efficiency variance Budget variance Volume variance $ 700.5000 $ 1,6704000 $ 803.400 F $ 219,600 $ 439.800 F 52.641 2000 Reg 2 and 3 > Hea Record transactions through for Poenix Comparty Comote the ending on for Phoenix Come balance fino alle variances and desin balance sheet account thout be entered with a mission, Enter your dollars in the tande rounded to the nearest thousand Phoenix Coy For the Year 2018 in thousands Canh Mars Process Fisher Goods PPAM M Price Van Quanty Labore Virice Lor ciency Variante Vanatos Owenda Vac Varatte Overhead Ency Variance Find Overad Varun Red Fund Overhead Volume Variance HS 1 001