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Wallis Company manufactures only one product and uses a standard cost system. The company uses...

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Accounting

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 overnead rate is based on a cost formula that estimated $2,894,000 of fixed manufacturing overhead for an estimated allocation 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:
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