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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 relies on direct labor-hours as the allocation base. The predetermined overhead rate is based on a cost formula that estimated $2,882,400 of fixed and variable manufacturing overhead for an estimated allocation base of 240,200 direct labor- hours. Phoenix does not maintain any beginning or ending work in process inventory The company's beginning balance sheet is as follows: $ 1,300 320 Phoenix Company Balance Sheet 1/1/XX (dollars in thousands) Assets Cash Raw materials inventory Finished goods inventory All other assets Total assets Liabilities and Equity Retained earnings Total liabilities and equity 580 12,400 $ 14,600 $ 14,600 $ 14,600 The company's standard cost card for its only product is as follows: (1) Standard Quantity (23 Standard Price Standard Cost Prey. 2 of 2 Next The company's standard cost card for its only product is as follows: Inputs Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Total standard cost per unit (2) Standard Standard Quantity Price or Hours for Rate 3 pounds $26.00 per pound 2.00 hours $ 18.00 per hour 2.00 hours $ 2.00 per hour 2.00 hours $ 10.00 per hour Standard Cost (1) X (2) $ 78.00 36.00 4.00 20.00 $138.00 ES During the year Phoenix completed the following transactions: a. Purchased (with cash) 461,000 pounds of raw material at a price of $27.50 per pound. b. Added 430,800 pounds of raw material to work in process to produce 125 400 units. c. Assigned direct labor costs to work in process. The direct laborers (who were paid in cash) worked 265.400 hours at an average cost of $15.00 per hour to manufacture 125,400 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 125,400 units. Actual variable manufacturing overhead costs for the year (all paid in cash) were $480,400. 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 125.400 units. Actual fixed manufacturing overhead costs for the year were $2,451,000. Of this total, $1,302.000 related to items such as insurance, utilities, and salaried indirect laborers that were all paid in cash and $1149.000 related to depreciation of equipment. f. Transferred 125.400 units from work in process to finished goods. LIVE- HE Reg 1 Reg 2 and 3 Reg 4 Compute all direct materials, direct labor, variable overhead, and fixed overhead variances for the year. (Indicate the effect 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. Round intermediate calculations to two decimal places.) Materials price variance Materials quantity variance Labor rate variance Labor efficiency variance Variable overhead rate variance Variable overhead efficiency variance Budget variance Volume variance Req 2 and 3 > Reg 1 Reg 2 and 3 Ren4 Prepare Phoenix Company's income statement for the year. (Enter your dollars in thousands rounded to the nearest thousand.) Phoenix Company Income Statement For the Year Ended 12/31/XX (dollars in thousands) Total variance adjustments Phoenix Company manufactures only one product and uses a standard cost system. The company uses a plantwide predetermined overhead rate that relies on direct labor-hours as the allocation base. The predetermined overhead rate is based on a cost formula that estimated $2,882,400 of fixed and variable manufacturing overhead for an estimated allocation base of 240,200 direct labor- hours. Phoenix does not maintain any beginning or ending work in process inventory. The company's beginning balance sheet is as follows: x $ 1,300 320 Phoenix Company Balance Sheet 1/1/XX (dollars in thousands) Assets Cash Raw materials inventory Finished goods inventory All other assets Total assets Liabilities and Equity Retained earnings Total liabilities and equity 580 12,400 $ 14,600 $ 14,600 $ 14, 600 The company's standard cost card for its only product is as follows: (1) Standard Quantity Standard Price Standard Cost Check my work Phoenix Company Transaction Analysis For the Year Ended 12/31/XX (dollars in thousands) Cash Raw Materials Work-in- Process Finished Goods PP&E (net) Materials Price Variance Material Quantity Variance Labor Rate Variance Labor Efficiency Variance Variable Overhead Rate Variance 111 a b. c. d e f 9 h i i 2131 Prepare Phoenix Company's income statement for the year. (Enter your dollars in thousa thousand.) Phoenix Company Income Statement For the Year Ended 12/31/XX (dollars in thousands) 5 Total variance adjustments 0 0