I$\text{'}$m struggling on required $2$&$3,$ and required $4.$ Can you assist? Phoenix Company manufactures only one product and uses a standard cost system. The company uses a plantwide predetermined overhead rate based on direct labor$-$hours as the allocation base. The predetermined overhead rate is based on a cost formula that estimated $$2,880,000$ of fixed and variable manufacturing overhead for an estimated allocation base of $240,000$ direct labor$-$hours. Phoenix does not maintain any beginning or ending work in process inventory. The company$$s beginning balance sheet is as follows: Phoenix CompanyBalance Sheet$1/1/$XX$($dollars in thousands$)$Assets$$Cash$ $1,200$Raw materials inventory$300$Finished goods inventory$540$All other assets$12,000$Total assets$ $14,040$Liabilities and Equity$$Retained earnings$ $14,040$Total liabilities and equity$ $14,040$ The company$$s standard cost card for its only product is as follows: Inputs$(1)$ Standard Quantity or Hours$(2)$ Standard Price or RateStandard Cost $(1)(2)$Direct materials$3$pounds$ $25\mathrm{.}00$per pound$ $75\mathrm{.}00$Direct labor$2\mathrm{.}00$hours$ $16\mathrm{.}00$per hour$32\mathrm{.}00$Variable manufacturing overhead$2\mathrm{.}00$hours$ $2\mathrm{.}00$per hour$4\mathrm{.}00$Fixed manufacturing overhead$2\mathrm{.}00$hours$ $10\mathrm{.}00$per hour$20\mathrm{.}00$Total standard cost per unit$$$ $131\mathrm{.}00$ During the year, Phoenix completed the following transactions: Purchased $($with cash$)460,000$ pounds of raw material at a price of $$26\mathrm{.}50$ per pound. Added $430,000$ pounds of raw material to work in process to produce $125,000$ units. Assigned direct labor costs to work in process. The direct laborers $($who were paid in cash$)$ worked $265,000$ hours at an average cost of $$15\mathrm{.}00$ per hour to manufacture $125,000$ units. 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 $$480,000.$ Applied fixed manufacturing overhead to work in process inventory using the fixed portion of the predetermined overhead rate multiplied by the number of direct labor$-$hours allowed to manufacture $125,000$ units. Actual fixed manufacturing overhead costs for the year were $$2,450,000.$ Of this total, $$1,300,000$ related to items such as insurance, utilities, and salaried indirect laborers that were all paid in cash and $$1,150,000$ related to depreciation of equipment. Transferred $125,000$ units from work in process to finished goods. Sold $($for cash$)123,000$ units to customers at a price of $$175$ per unit. Transferred the standard cost associated with the $123,000$ units sold from finished goods to cost of goods sold. Paid $$3,300,000$ of selling and administrative expenses. Closed all standard cost variances to cost of goods sold. Required: Compute all direct materials, direct labor, variable overhead, and fixed overhead variances for the year. Record transactions a through j$$for Phoenix Company. Compute the ending balances for Phoenix Company$$s balance sheet. Prepare Phoenix Company$$s income statement for the year.

Record transactions a through j 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.

Prepare Phoenix Company's income statement for the year.

Note: Enter your dollars in thousands.

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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.