please correct requirement number 1 and do requirement number 2 3 
Check my work Wallis Company manufactures only one product and uses a standard cost system. The company uses a predetermined plantwide overhead rate that relies on direct labor-hours as the allocation base. All of the company's manufacturing overhead costs are fixedit does not incur any variable manufacturing overhead costs. The predetermined overhead rate is based on a cost formula that estimated $2,919,000 of fixed manufacturing overhead for an estimated allocation base of 291,900 direct labor-hours. Wallis does not maintain any beginning or ending work in process inventory. 14.28 points The company's beginning balance sheet is as follows: Print References Wallis Company Balance sheet 1/1/XX (dollars in thousands) Assets Cash Raw materials inventory Finished goods inventory Property, plant, and equipment, net Total assets Liabilities and Equity Retained earnings Total liabilities and equity $ 890 340 460 10,400 $12,090 $12,090 $12,090 The company's standard cost card for its only product is as follows: Inputs Direct materials Direct labor Fixed manufacturing overhead Total standard cost per unit (1) (2) Standard Standard Quantity Price or Hours or Rate 2 pounds $ 33.80 per pound 3.00 hours $ 14.00 per hour 3.00 hours $ 10.00 per hour Standard Cost (1) x (2) $ 67.60 42.00 30.00 $139.60 Check my work Wallis Company manufactures only one product and uses a standard cost system. The company uses a predetermined plantwide overhead rate that relies on direct labor-hours as the allocation base. All of the company's manufacturing overhead costs are fixedit does not incur any variable manufacturing overhead costs. The predetermined overhead rate is based on a cost formula that estimated $2,919,000 of fixed manufacturing overhead for an estimated allocation base of 291,900 direct labor-hours. Wallis does not maintain any beginning or ending work in process inventory. 14.28 points The company's beginning balance sheet is as follows: Print References Wallis Company Balance sheet 1/1/XX (dollars in thousands) Assets Cash Raw materials inventory Finished goods inventory Property, plant, and equipment, net Total assets Liabilities and Equity Retained earnings Total liabilities and equity $ 890 340 460 10,400 $12,090 $12,090 $12,090 The company's standard cost card for its only product is as follows: Inputs Direct materials Direct labor Fixed manufacturing overhead Total standard cost per unit (1) (2) Standard Standard Quantity Price or Hours or Rate 2 pounds $ 33.80 per pound 3.00 hours $ 14.00 per hour 3.00 hours $ 10.00 per hour Standard Cost (1) x (2) $ 67.60 42.00 30.00 $139.60
