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The company's beginning balance sheet is as follows: Phoenix Company Balance Sheet 1/1/XX (dollars in thousands) Assets Cash Raw materials inventory Finished goods inventory All other assets $ 1,300 320 580 12,400 $ 14,600 Total assets Liabilities and Equity Retained earnings Total liabilities and equity $ 14,600 $14,600 The company's standard cost card for its only product is as follows: Standard Cost Inputs Direct materials Direct labon Variable manufacturing overhead Fixed manufacturing overhead Total standard cost per unit (1) (2) Standard Standard Quantity Price or Hours on Rate 3 pounds $26.00 per pound 2.00 hours $ 18.00 per hour 2.00 hours $ 2.00 per hour 2.00 hours 5 10.00 per hour (1) X (2) $ 78.00 36.00 4.00 20.00 $138.00 Prev of 2 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 sy beginning or ending work in process inventory. The company's beginning balance sheet is as follows: 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 1 Variand 1/1 a ILIMI b c. d e g h 1 12131 Phoenix Company Transaction Analysis For the Year Ended 12/31/XX (dollars in thousands) P&E (net) Materials Price Variance Material Quantity Variance Labor Rate Variance Labor Efficiency Variance Variable Overhead Rate Variance Variable Overhead Efficiency Variance Fixed Overhead Budget Variance Fixed Overhead Volume Variance Retained Earnings 1111 + 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) The company's beginning balance sheet is as follows: Phoenix Company Balance Sheet 1/1/XX (dollars in thousands) Assets Cash Raw materials inventory Finished goods inventory All other assets $ 1,300 320 580 12,400 $ 14,600 Total assets Liabilities and Equity Retained earnings Total liabilities and equity $ 14,600 $14,600 The company's standard cost card for its only product is as follows: Standard Cost Inputs Direct materials Direct labon Variable manufacturing overhead Fixed manufacturing overhead Total standard cost per unit (1) (2) Standard Standard Quantity Price or Hours on Rate 3 pounds $26.00 per pound 2.00 hours $ 18.00 per hour 2.00 hours $ 2.00 per hour 2.00 hours 5 10.00 per hour (1) X (2) $ 78.00 36.00 4.00 20.00 $138.00 Prev of 2 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 sy beginning or ending work in process inventory. The company's beginning balance sheet is as follows: 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 1 Variand 1/1 a ILIMI b c. d e g h 1 12131 Phoenix Company Transaction Analysis For the Year Ended 12/31/XX (dollars in thousands) P&E (net) Materials Price Variance Material Quantity Variance Labor Rate Variance Labor Efficiency Variance Variable Overhead Rate Variance Variable Overhead Efficiency Variance Fixed Overhead Budget Variance Fixed Overhead Volume Variance Retained Earnings 1111 + 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)