This is my third time asking this question so please only answer if you are confident! everything i have on there so far is right and i dont need #1 i only need the two tables thanks!

Wallis Company manufactures only one product and uses a standard cost system. The company uses a predetermined plantwide overhead rate that relles on direct labor hours as the allocation base. All of the company's manufacturing overhead costs are foxed- does not incur any variable manufacturing overhead costs. The predetermined overhead rate is based on a cost formula that estimated $2.894,000 of fixed manufacturing overhead for an estimated location base of 289,400 direct labor hours Wallis does not maintain any beginning or ending work in process inventory The company's beginning balance sheet is as follows walls company Balance Sheet 1/1/XX (dollars in thousands) Assets Cast Rawsterials inventory 200 Finished goods Inventory Property, plant, and ciprent, net ,000 Total assets $11,440 Liabilities and Equity tbtained earnings 511 total liabilities and mounty 5 The company's standard cont card for its only product is as follows: (1) (2) Standard Standard Quantity Price hours or Hate pounds $12.00 per pound 7.0 hours $13.00 per hour 3.0 hours $ 100 per hour Standard Cost (1) 03 Direct materials birect labore Fedanufacturing overhead 19.10 . During the year Wallis completed the following transactions, a. Purchased (with cash) 237,000 pounds of raw material at a price of $30.90 per pound b. Added 218,500 pounds of raw material to work in process to produce 96.400 units. c. Assigned direct labor costs to work in process. The direct laborers (who were paid in cash) worked 247,800 hours at an average cost of $16.00 per hour to manufacture 96,400 units. d. Applied fixed overhead to work in process inventory using the predetermined overhead rate multiplied by the number of direct labor-hours allowed to manufacture 96,400 units. Actual fixed overhead costs for the year were $2,747.000. Of this total, $1,354,000 related to items such as insurance, utilities, and salaried indirect laborers that were all paid in cash and $1393,000 related to depreciation of equipment e Transferred 96,400 units from work in process to finished goods. (Sold (for cash) 93.400 units to customers at a price of $170 per unit 9. Transferred the standard cost associated with the 93,400 units sold from finished goods to cost of goods sold. 1. Paid $2.127,000 of selling and administrative expenses 1. Closed all standard cost variances to 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 VIVUM HU Compute the ending balances for Wallis 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 it Wallis Company Transaction Analysis For the Year Ended 12/31XX (dollars in thousands Material Materials Price Variance Quantity Variance Cash Raw Materials Work-in- Process Finished Goods PPSE (net) Labor Rate Variance Labor Emciency Variance 1/1 $ 290 $ 4105 9.900 840 s 7.323) a b d + 12/31 870 ors Reg 1 Reg 4 > Wallis Company Transaction Analysis For the Year Ended 12/31/XX (dollars in thousands) E Materials Price Variance Material Quantity Variance Labor Rate Variance Labor Efficiency Variance Fixed Overhead Budget Variance Fixed Overhead Volume Variance Retained Earnings 9,900 S 11,440 0 $ 0 os 0 $ 0 $ 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 tabs below. Req1 Req 2 and 3 Reg 4 Prepare Wallis Company's income statement for the year. (Enter your dollars in thousands rounded to the nearest thousand.) Wallis Company Income Statement For the Year Ended 12/31/XX (dollars in thousands) Sales Cost of goods sold at standard Total variance adjustments Cost of goods sold Gross margin Selling and administrative expenses 2,130 Net operating income $ (2.130) 0 Wallis Company manufactures only one product and uses a standard cost system. The company uses a predetermined plantwide overhead rate that relles on direct labor hours as the allocation base. All of the company's manufacturing overhead costs are foxed- does not incur any variable manufacturing overhead costs. The predetermined overhead rate is based on a cost formula that estimated $2.894,000 of fixed manufacturing overhead for an estimated location base of 289,400 direct labor hours Wallis does not maintain any beginning or ending work in process inventory The company's beginning balance sheet is as follows walls company Balance Sheet 1/1/XX (dollars in thousands) Assets Cast Rawsterials inventory 200 Finished goods Inventory Property, plant, and ciprent, net ,000 Total assets $11,440 Liabilities and Equity tbtained earnings 511 total liabilities and mounty 5 The company's standard cont card for its only product is as follows: (1) (2) Standard Standard Quantity Price hours or Hate pounds $12.00 per pound 7.0 hours $13.00 per hour 3.0 hours $ 100 per hour Standard Cost (1) 03 Direct materials birect labore Fedanufacturing overhead 19.10 . During the year Wallis completed the following transactions, a. Purchased (with cash) 237,000 pounds of raw material at a price of $30.90 per pound b. Added 218,500 pounds of raw material to work in process to produce 96.400 units. c. Assigned direct labor costs to work in process. The direct laborers (who were paid in cash) worked 247,800 hours at an average cost of $16.00 per hour to manufacture 96,400 units. d. Applied fixed overhead to work in process inventory using the predetermined overhead rate multiplied by the number of direct labor-hours allowed to manufacture 96,400 units. Actual fixed overhead costs for the year were $2,747.000. Of this total, $1,354,000 related to items such as insurance, utilities, and salaried indirect laborers that were all paid in cash and $1393,000 related to depreciation of equipment e Transferred 96,400 units from work in process to finished goods. (Sold (for cash) 93.400 units to customers at a price of $170 per unit 9. Transferred the standard cost associated with the 93,400 units sold from finished goods to cost of goods sold. 1. Paid $2.127,000 of selling and administrative expenses 1. Closed all standard cost variances to 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 VIVUM HU Compute the ending balances for Wallis 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 it Wallis Company Transaction Analysis For the Year Ended 12/31XX (dollars in thousands Material Materials Price Variance Quantity Variance Cash Raw Materials Work-in- Process Finished Goods PPSE (net) Labor Rate Variance Labor Emciency Variance 1/1 $ 290 $ 4105 9.900 840 s 7.323) a b d + 12/31 870 ors Reg 1 Reg 4 > Wallis Company Transaction Analysis For the Year Ended 12/31/XX (dollars in thousands) E Materials Price Variance Material Quantity Variance Labor Rate Variance Labor Efficiency Variance Fixed Overhead Budget Variance Fixed Overhead Volume Variance Retained Earnings 9,900 S 11,440 0 $ 0 os 0 $ 0 $ 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 tabs below. Req1 Req 2 and 3 Reg 4 Prepare Wallis Company's income statement for the year. (Enter your dollars in thousands rounded to the nearest thousand.) Wallis Company Income Statement For the Year Ended 12/31/XX (dollars in thousands) Sales Cost of goods sold at standard Total variance adjustments Cost of goods sold Gross margin Selling and administrative expenses 2,130 Net operating income $ (2.130) 0