$.\backslash$begin$\{$tabular$\}\{$lllr$\}$

var$$ad te manuractur$$ng overnead & $\backslash (\backslash$angle $\mathrm{.}00\backslash )$ nours & $\backslash (\backslash$$ $\backslash$angle $\mathrm{.}00\backslash )$ per nour & $4\mathrm{.}00\backslash \backslash$

Fixed manufacturing overhead & $2\mathrm{.}00$ hours & $\backslash (\backslash$$ $10\mathrm{.}00\backslash )$ per hour & $20\mathrm{.}00\backslash \backslash$

$\backslash$hline Total standard cost per unit & & & $\backslash (\backslash$$ $131\mathrm{.}00\backslash )\backslash \backslash$

$\backslash$hline $\backslash$hline

$\backslash$end$\{$tabular$\}$

Total standard cost per unit

During the year, Phoenix completed the following transactions:

a$.$ Purchased $($with cash$)460,000$ pounds of raw material at a price of $\backslash (\backslash$$ $26\mathrm{.}50\backslash )$ per pound.

b$.$ Added $430,000$ pounds of raw material to work in process to produce $125,000$ units.

c$.$ Assigned direct labor costs to work in process. The direct laborers $($who were paid in cash$)$ worked $265,000$ hours at an average cost of $\backslash (\backslash$$ $15\mathrm{.}00\backslash )$ per hour to manufacture $125,000$ units.

d$.$ Applied variable manufacturing overhead to work in process inventory using the variable portion of the predetermined overhead rate multiplied by the number of direct labor$-$hours allowed to manufacture $125,000$ units. Actual variable manufacturing overhead costs for the year $($all paid in cash$)$ were $\backslash$$$480,000.$

e$.$ Applied fixed manufacturing overhead to work in process inventory using the fixed portion of the predetermined overhead rate multiplied by the number of direct labor$-$hours allowed to manufacture $125,000$ units. Actual fixed manufacturing overhead costs for the year were $\backslash (\backslash$$ $2,450,000\backslash ).$ Of this total, $\backslash (\backslash$$ $1,300,000\backslash )$ related to items such as insurance, utilities, and salaried indirect laborers that were all paid in cash and $\backslash (\backslash$$ $1,150,000\backslash )$ related to depreciation of equipment.

f$.$ Transferred $125,000$ units from work in process to finished goods.

g$.$ Sold $($for cash$)123,000$ units to customers at a price of $\backslash (\backslash$$ $175\backslash )$ per unit.

h$.$ Transferred the standard cost associated with the $123,000$ units sold from finished goods to cost of goods sold.

i$.$ Paid $\backslash (\backslash$$ $3,300,000\backslash )$ of selling and administrative expenses.

j$.$ Closed all standard cost variances to cost of goods sold.

Required:

$1.$ Compute all direct materials, direct labor, variable overhead, and fixed overhead variances for the year.

$2.$ Record transactions a through j for Phoenix Company.

$3.$ Compute the ending balances for Phoenix Company's balance sheet.

$4.$ Prepare Phoenix Company's income statement for the year.

Complete this question by entering your answers in the tabs below.

Required $2$ and $3$

Required $4$

Compute all direct materials, direct labor, variable overhead, and fixed overhead variances for the year.

Note: 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 values. Do not round intermediate calculations.

$\backslash$begin$\{$tabular$\}\{|$l$|$l$|$l$|\}$

$\backslash$hline Materials price variance & & $\backslash \backslash$

$\backslash$hline Materials quantity variance & & $\backslash \backslash$

$\backslash$hline Labor rate variance & & $\backslash \backslash$

$\backslash$hline Labor efficiency variance & & $\backslash \backslash$

$\backslash$hline Variable overhead rate variance & & $\backslash \backslash$

$\backslash$hline Variable overhead efficiency variance & & $\backslash \backslash$

$\backslash$hline Budget variance & & $\backslash \backslash$

$\backslash$hline Volume variance & & $\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$ Required:

$1.$ Compute all direct materials, direct labor, variable overhead, and fixed overhead variances for the year.

$2.$ Record transactions a through $\backslash ($ j $\backslash )$ for Phoenix Company.

$3.$ Compute the ending balances for Phoenix Company's balance sheet.

$4.$ Prepare Phoenix Company's income statement for the year.

Complete this question by entering your answers in the tabs below.

Required $1$

Required $2$

and $3$

Record transactions a through $\backslash ($ j $\backslash )$ for Phoenix Company.

Compute the ending balances for Phoenix Company's balance sheet.

Note: Unfavorable variances and decreases in balance sheet accounts should be entered with a minus sign. Enter your dollars in thousands.

Show

$\backslash$begin$\{$tabular$\}\{|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|\}$

$\backslash$hline $\backslash$multicolumn$\{16\}\{|$c$|\}\{$Phoenix Company$\}\backslash \backslash$

$\backslash$hline $\backslash$multicolumn$\{16\}\{|$c$|\}\{$Transaction Analysis$\}\backslash \backslash$

$\backslash$hline $\backslash$multicolumn$\{16\}\{|$c$|\}\{$For the Year Ended $12/31/$XX$\}\backslash \backslash$

$\backslash$hline $\backslash$multicolumn$\{16\}\{|$c$|\}\{($dollars in thousands$)\}\backslash \backslash$

$\backslash$hline Transaction & Cash & Raw Materials & $\backslash$begin$\{$tabular$\}\{$l$\}$

Work$-$in$-\backslash \backslash$

Process

$\backslash$end$\{$tabular$\}$ & Finished Goods & PP$\backslash$&E $($net$)$ & $=$ & Materials Price Variance & Material Quantity Variance & Labor Rate Variance & $\backslash$begin$\{$tabular$\}\{$l$\}$

Labor $\backslash \backslash$

Efficiency Variance

$\backslash$end$\{$tabular$\}$ & Variable Overhead Rate Variance & Variable Overhead Efficiency Variance & Fixed Overhead Budget Variance & Fixed Overhead Volume Variance & Retained Earnings $\backslash \backslash$

$\backslash$hline $1/1$ & & & & & & $=$ & & & & & & & & & $\backslash \backslash$

$\backslash$hline a$.$ & & & & & & $=$ & & & & & & & & & $\backslash \backslash$

$\backslash$hline b$.$ & & & & & & $=$ & & & & & & & & & $\backslash \backslash$

$\backslash$hline c$.$ & & & & & & $=$ & & & & & & & & & $\backslash \backslash$

$\backslash$hline d$.$ & & & & & & $=$ & & & & & & & & & $\backslash \backslash$

$\backslash$hline e$.$ & & & & & & $=$ & & & & & $$ & & & & $\backslash \backslash$

$\backslash$hline f$.$ & & & & & & $=$ & & & & & & & & & $\backslash \backslash$

$\backslash$hline g$.$ & & & & & & $=$ & & & & & & & & & $\backslash \backslash$

$\backslash$hline h$.$ & & & & & & $=$ & & & & & & & & & $\backslash \backslash$

$\backslash$hline i$.$ & & & & & & $=$ & & & & & $$ & & & & $\backslash \backslash$

$\backslash$hline j$.$ & & & & & & $=$ & & & & & & & & & $\backslash \backslash$

$\backslash$hline $12/31$ & & & & & & $=$ & & & & & $$ & & & & $\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$

Required $1$

Required $\backslash (4>\backslash )$ During the year, Phoenix completed the following transactions:

a$.$ Purchased $($with cash$)460,000$ pounds of raw material at a price of $\backslash (\backslash$$ $26\mathrm{.}50\backslash )$ per pound.

b$.$ Added $430,000$ pounds of raw material to work in process to produce $125,000$ units.

c$.$ Assigned direct labor costs to work in process. The direct laborers $($who were paid in cash$)$ worked $265,000$ hours at an average cost of $\backslash (\backslash$$ $15\mathrm{.}00\backslash )$ per hour to manufacture $125,000$ units.

d$.$ Applied variable manufacturing overhead to work in process inventory using the variable portion of the predetermined overhead rate multiplied by the number of direct labor$-$hours allowed to manufacture $125,000$ units. Actual variable manufacturing overhead costs for the year $($all paid in cash$)$ were $\backslash$$$480,000.$

e$.$ Applied fixed manufacturing overhead to work in process inventory using the fixed portion of the predetermined overhead rate multiplied by the number of direct labor$-$hours allowed to manufacture $125,000$ units. Actual fixed manufacturing overhead costs for the year were $\backslash (\backslash$$ $2,450,000\backslash ).$ Of this total, $\backslash (\backslash$$ $1,300,000\backslash )$ related to items such as insurance, utilities, and salaried indirect laborers that were all paid in c