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-it does not incur any variable manufacturing overhead costs. The predetermined overhead rate is based on a cost formula that estimated $2,899,000 of fixed manufacturing overhead for an estimated allocation base of 289,900 direct labor hours. Wallis does not maintain any beginning or ending work in process inventory. The company's beginning balance sheet is as follows. The company's standard cost card for its onty product is as follows The company's standard cost card for its only product is as follows: During the year Wallis completed the following transactions: a. Purchased (with cash) 237,500 pounds of raw material at a price of $31.00 per pound. b. Added 218,750 pounds of raw material to work in process to produce 96,500 units. c. Assigned direct labor costs to work in process. The direct laborers (who were paid in cash) worked 248,000 hours at an average cost of $16.00 per hour to manufacture 96.500 units d. Applied fixed overhead to work in process inventory using the predetermined overhead rate multiplied by pe number of direct labor-hours allowed to manufacture 96,500 units. Actual fixed overhead costs for the year were $2,747,500 Or this total, $1,355,000 related to items such as insurance, utilites, and salaried indirect laborers that were all paid in cash and $1,392,500 related to depreciation of equipment e. Transterred 96.500 units from work in process to finished goods. 1. Sold (for cash) 93.500 units to customers at a price of $170 per unit 9. Transterred the standard cost associated with the 93,500 units sold from finished goods to cost of goods sold 5. Paid $2,127,500 of selling and administrative expenses I Cloced all standard cost variances to rost of anoris solit Complete this question by entering your answers in the tabs below. Compute all direct materials, direct labor, and fixed overhead variances for the year. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive Walis Compary I Iransaction Analysis For the Year Ended 12311xx (dollars in theorsands) Complete this question by entering your answers in the tabs below. Prepare Wallis Company's income statement for the year. (Enter your dollars in thousands rounded to the nearest thousar