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9 10 pont 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 fixed- does not incur any variable manufacturing overhead costs. The predetermined overhead rate is based on a cost formula that estimated $2884,000 of fixed manufacturing overhead for an estimated allocation base of 288.400 direct labor-hours Wallis does not maintain any beginning or ending work in process inventory The company's beginning balance sheet is as follows Book Print 740 190 Nails Company Balance Sheet 1/1/XX (dollars in thousands) Assets Cash Raw materials inventory Findshed goods foventory Property, plant, and equipment, net Total assets Liabilities and Equity Retained earnings Total liabilities and equity 310 Reference 8,900 310,140 110,140 10,140 The company's standard cost card for its only product is as follows Standard Cost 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 38.80 per pound 3.00 hours $ 14,00 per hour 3.00 hours $10.00 per hour $61.00 42.20 30.00 $133.00 During the year Wallis completed the following transactions a. Purchased with cash) 232,000 pounds of raw material at a price of $29 90 per pound b Added 216,000 pounds of raw material to work in process to produce 95.400 unite Asaged ditest labor costs to work in process . The direct laborers (who were paid in cash) worked 245,800 hours at an average cose of $16.00 per hour to manufacture 95.400 units a Applied fixed overhead to work in process inventory using the predetermined overhead ide multiplied by the number of citest Jabor hours allowed to manufacture 95,400 units. Actual fixed overhead costs for the year were 52,742.000 of this total $1344.000 related to items such as insurance, utilities, and salatied indirect laborers that were all paldin cash and 51398.000 related to depreciation of equipment e Transferted 95 400 units from work in process to finished goods I Sold for cash) 92 400 units to customers at a price of $170 per unit Transferred the standard cost associated with the 92,400 units sold from finished goods to cost of goods sold h Paid $2,122,000 of selling and administrative expenses Closed all standard cost variancesto cost of goods sold Required: 1 Compute all direct materials, direct labor, and fixed overhead variances for the year 2 Record transactions a through / for Wallis Company 3 Compute the ending balances for Wallis Company's balance sheet 4 Prepare Wallis Company's income statement for the year. Complete this question by entering your answers in the tobs below. Reg1 Reg 2 and 3 Reg 4 Compute al direct materials, direct labor, and fixed overhead variances for the year. (Indicate the effect of each variance by selecting "f* for favorable. "Ufor unfavorable, and "None for no effect (... zero vanance). Input all amounts as positive values.) Materials price variance Materials quantity variance Labor rate variance Labor efficiency variance Budget variance Volume variance Ram 2 and
