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what is the answer for 10B-6 please

Chapter 10 m in eod c The odemisod overbead mate is based on a co etined $2A00fidmandactering overtead for an estinated allocation tase of 2 dmt lr-hs Wall ds t maintain ay hopinning or ending work is process ry nd Co ishur- Phoin do m n any boi g e w ry nd and saciable mamactareg onehea med e b of 0 d The company's bogining basnce shem nSow Fhe compasy's beginning halance sheet is as lows Walis Company Blance Sheet Phe Compan sars in thounand Assets Caun Rw materias inventony u Fiished goods inventory Property plant and equipment net S 700 150 270 8,500 Asets Cash sra w materas ory Fhed goads ao Ather ae 1 1300 00 $9620) Tolal anset M9nsmiohaR Totel assets L tes and Equity Baned eng Lisbes and Equity $9,620 Reained eamings. Tolal Sebetes and aty $3,620 Total abites and equity S14040 The compary's standacd cost cand foe ts pat is a llo The compumy's sandand cost card for its only prodact is as follow (1) Standand Standard Price Quantity or Hours Sandad Cos (x Standard Qurthy ndad Pce or Ree Sndd or Rebe sputs Cot Inputs $30.00 per pound $15.00 per hour $10.00 per hour Deect anedals Drect labor vaable manfocturing overhead Fed manulachuring overhead Tol standard cost per unit 2 pounds 3pounds 200 urs 200 hous 200 surs 1500 ger pund S600per o $200 pereu 510.00 e hour Direct materials 3.00 hours 300 hours 75.00 3300 s00 Direct labor. n Fixed manufacturing overhead.. Total standand cost per unit. 3000 $135.00 4.00k 20.0 S13100 During the year Wallis completed the following transactions Puschased (with cash) 230,000 pounds of raw msaterial at a price of $29.50 per pousd Added 215,000 pounds of raw material to work in peocess to produce 95,000 nits, Durior the year Phocnis complesed the following trasaction Purchased (with cash) 460,000 pounds of raw matrial ta price of 53% 50 per pound Added 430,000 pounds of raw maicrial to work in process to peoduce 125000 uni sAssigned direct labor costs to wark in peocess. The dimct laboems (who were paid in cash) worked 265,000 hours at an aveage cost of $15.00 per hour so manactae 125,000 unis a. b. ped direT labor costs to work in process The diroct laborers (who wee paid in cah) worked 245.000 bours at an erage cost of $16 00 per hour to munufacture 95,000 Applied fised overhead to work in process isventory using the peedetermined overtead ne multiplied by the namber of direct labor hosr allowed to manafacture 95.000 units Actal fixed overhead costs for the year were 52,740,000 Of this sotal, $1.340,000 related to es such as insurance, utilties, and salaried indirect laborers that were all paid in cash and $1,400,000 related to depreciation of equipment Tramferred 95.,000 anits from work in peocess to finished goods f. Applied variable musfacng ewerhcad to work in process i ry wing the vaisble di potion of allowed to manafactore 125,000 units Actaal vanisble manulacturing overhead costs for the the prodetermined owerhead tate mhiglied by the unber of drect lbe bourna year (all paid in Applied fixed manufactaring ovehead to wok in process insesory wing the fised portion of the predeternined overhead rae mebipled by the sunber of dnct labor-bours allowed to manufacture 125,000 unis. Actal fised mandfaturing overhead cos for the year were 52,450.000 O this total, S1,300.000 lated to itms sech as insurmce, otilities, and salaried indirect laboeers that were all paid in cash and $1.150,000 laed todprociation of oquigment tTransferred 125,000 units from work in process to finished goods. Sold (oe cash) 123,000 units to customers at a price of $175 per un h cah) were $480000 Sold (for cash) 92,000 anis to customers at a price of S170 per unit. Transferred the standard cost associated with the 92,000 units sold from finished goods to co of goods sold h. g Paid $2,120,000 of selling and administrative expenses Closed all standard cost variances to cond of goods sold. Transferred the standard cost associated with the 123,000 units sold thom finished goods to cost of goods sold i Paid $3,300.000 of sellint and admisistative expenses. J Closed all standaed cost variances to cost of goods sold Required Required 1. Compuse all direct materials, direct labor, and fixed overhead variances for the year. 2. Using Exhibit 1O8-3 as a guide, rocond tramactions a theough /i for Wallis Company Compute the ending halances for Wallis Company's balance shoet. 3. Using Exhibit 1018-5 as a guide, prepare Wallis Compasy's income statement for the year Compune all direct materials, direct labor, variable overhead, and fsed overhead variances fr the year Using Exhibit 10B-3 as a gide, record ramsactions a theough j for Phoesi Company Compute the ending halances for Phoenix Company's bulance shoet Using Exhibit 108-5 as a guide, prepare Phoenis Conpany's incone aet for the year 4 PROBLEM 108-6 Transaction Analysis Income Statement Preparation LO10-1, LO10-2. LO10-3 LO10-4, LO10-5 Phoenix Company manufactures only one product and uses a standard cost sysem. The pany uses a plantwide predetermined overhead rate that relies on direct labor-hours as the a tion base. The prodctermined overhead rate is based on a cost fomula that estimatod $2,880,000 Chapter 10 m in eod c The odemisod overbead mate is based on a co etined $2A00fidmandactering overtead for an estinated allocation tase of 2 dmt lr-hs Wall ds t maintain ay hopinning or ending work is process ry nd Co ishur- Phoin do m n any boi g e w ry nd and saciable mamactareg onehea med e b of 0 d The company's bogining basnce shem nSow Fhe compasy's beginning halance sheet is as lows Walis Company Blance Sheet Phe Compan sars in thounand Assets Caun Rw materias inventony u Fiished goods inventory Property plant and equipment net S 700 150 270 8,500 Asets Cash sra w materas ory Fhed goads ao Ather ae 1 1300 00 $9620) Tolal anset M9nsmiohaR Totel assets L tes and Equity Baned eng Lisbes and Equity $9,620 Reained eamings. Tolal Sebetes and aty $3,620 Total abites and equity S14040 The compary's standacd cost cand foe ts pat is a llo The compumy's sandand cost card for its only prodact is as follow (1) Standand Standard Price Quantity or Hours Sandad Cos (x Standard Qurthy ndad Pce or Ree Sndd or Rebe sputs Cot Inputs $30.00 per pound $15.00 per hour $10.00 per hour Deect anedals Drect labor vaable manfocturing overhead Fed manulachuring overhead Tol standard cost per unit 2 pounds 3pounds 200 urs 200 hous 200 surs 1500 ger pund S600per o $200 pereu 510.00 e hour Direct materials 3.00 hours 300 hours 75.00 3300 s00 Direct labor. n Fixed manufacturing overhead.. Total standand cost per unit. 3000 $135.00 4.00k 20.0 S13100 During the year Wallis completed the following transactions Puschased (with cash) 230,000 pounds of raw msaterial at a price of $29.50 per pousd Added 215,000 pounds of raw material to work in peocess to produce 95,000 nits, Durior the year Phocnis complesed the following trasaction Purchased (with cash) 460,000 pounds of raw matrial ta price of 53% 50 per pound Added 430,000 pounds of raw maicrial to work in process to peoduce 125000 uni sAssigned direct labor costs to wark in peocess. The dimct laboems (who were paid in cash) worked 265,000 hours at an aveage cost of $15.00 per hour so manactae 125,000 unis a. b. ped direT labor costs to work in process The diroct laborers (who wee paid in cah) worked 245.000 bours at an erage cost of $16 00 per hour to munufacture 95,000 Applied fised overhead to work in process isventory using the peedetermined overtead ne multiplied by the namber of direct labor hosr allowed to manafacture 95.000 units Actal fixed overhead costs for the year were 52,740,000 Of this sotal, $1.340,000 related to es such as insurance, utilties, and salaried indirect laborers that were all paid in cash and $1,400,000 related to depreciation of equipment Tramferred 95.,000 anits from work in peocess to finished goods f. Applied variable musfacng ewerhcad to work in process i ry wing the vaisble di potion of allowed to manafactore 125,000 units Actaal vanisble manulacturing overhead costs for the the prodetermined owerhead tate mhiglied by the unber of drect lbe bourna year (all paid in Applied fixed manufactaring ovehead to wok in process insesory wing the fised portion of the predeternined overhead rae mebipled by the sunber of dnct labor-bours allowed to manufacture 125,000 unis. Actal fised mandfaturing overhead cos for the year were 52,450.000 O this total, S1,300.000 lated to itms sech as insurmce, otilities, and salaried indirect laboeers that were all paid in cash and $1.150,000 laed todprociation of oquigment tTransferred 125,000 units from work in process to finished goods. Sold (oe cash) 123,000 units to customers at a price of $175 per un h cah) were $480000 Sold (for cash) 92,000 anis to customers at a price of S170 per unit. Transferred the standard cost associated with the 92,000 units sold from finished goods to co of goods sold h. g Paid $2,120,000 of selling and administrative expenses Closed all standard cost variances to cond of goods sold. Transferred the standard cost associated with the 123,000 units sold thom finished goods to cost of goods sold i Paid $3,300.000 of sellint and admisistative expenses. J Closed all standaed cost variances to cost of goods sold Required Required 1. Compuse all direct materials, direct labor, and fixed overhead variances for the year. 2. Using Exhibit 1O8-3 as a guide, rocond tramactions a theough /i for Wallis Company Compute the ending halances for Wallis Company's balance shoet. 3. Using Exhibit 1018-5 as a guide, prepare Wallis Compasy's income statement for the year Compune all direct materials, direct labor, variable overhead, and fsed overhead variances fr the year Using Exhibit 10B-3 as a gide, record ramsactions a theough j for Phoesi Company Compute the ending halances for Phoenix Company's bulance shoet Using Exhibit 108-5 as a guide, prepare Phoenis Conpany's incone aet for the year 4 PROBLEM 108-6 Transaction Analysis Income Statement Preparation LO10-1, LO10-2. LO10-3 LO10-4, LO10-5 Phoenix Company manufactures only one product and uses a standard cost sysem. The pany uses a plantwide predetermined overhead rate that relies on direct labor-hours as the a tion base. The prodctermined overhead rate is based on a cost fomula that estimatod $2,880,000

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