Please help me fill this out especially the transaction analysis

Phoenix Company manufactures only one product and uses a standard cost system. The company uses a plantwide predetermined overhead rate that relies on direct labor-hours as the allocation base. The predetermined overhead rate is based on a cost formula that estimated $2,890,800 of fixed and variable manufacturing overhead for an estimated allocation base of 240,900 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 Company Balance Sheet 1/1/xx (dollars in thousands) Assets Cash $ 2,000 Raw materials inventory 390 Finished goods inventory 720 All other assets 13,500 Total assets S 16,910 Liabilities and Equity Retained earnings $ 16,910 Total liabilities and equity 5 15'910 The company's standard cost card for its only product is as follows: (1) Standard Standard Quantity or (2) Standard Price or Cost (1) 3: Inputs Hours Rate (2) Direct materials 3 pounds $ 29.50 per pound $ 88.50 Direct labor 2.00 hours $ 16.00 per hour 32.00 Variable manufacturing overhead 2.00 hours $ 2.00 per hour 4.00 Fixed manufacturing overhead 2.00 hours $ 10.00 per hour 20.00 Total standard cost per unit 5 144-50 During the year Phoenix completed the following transactions: During the year Phoenix completed the following transactions: Purchased (with cash) 464,500 pounds of raw material at a price of $31.00 per pound. . Added 433,600 pounds of raw material to work in process to produce 126,800 units. c. Assigned direct labor costs to work in process. The direct laborers (who were paid in cash) worked 266,800 hours at an average cost of $15.00 per hour to manufacture 126,800 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 laborhours allowed to manufacture 126,300 units. Actual variable manufacturing overhead costs for the year (all paid in cash) were $481,800. e. Applied xed manufacturing overhead to work in process inventory using the xed portion of the predetermined overhead rate multiplied by the number of direct labor-hours allowed to manufacture 126,800 units. Actual xed manufacturing overhead costs for the year were $2,454,500. Ofthis total, $1,309,000 related to items such as insurance, utilities, and salaried indirect laborers that were all paid in cash and $1,145,500 related to depreciation of equipment. f. Transferred 126,800 units from work in process to finished goods. g. Sold (for cash) 123,900 units to customers at a price of $175 per unit. h. Transferred the standard cost associated with the 123,900 units sold from nished goods to cost of goods sold. i. Paid $1,600,000 of selling and administrative expenses. j. Closed all standard cost variances to cost of goods sold. Us Required: 1. Compute all direct materials, direct labor, variable overhead, and fixed overhead variances for the year. 2. Record transactions a throughjfor 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. Req 1 Req 2 and 3 Compute all direct materials, direct labor, variable overhead, and xed 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 values. Round intermediate calculations to two decimal places.) Variable overhead efciency variance Budget variance Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Req 4 Record transactions a through j for Phoenix Company. Compute the ending balances for Phoenix Company's balance sheet. (Unfavorable variances and decreases in balance sheet accounts should be entered with a minus sign. Enter your dollars in thousands rounded to the nearest thousand.) Phoenix Company Transaction Analysis For the Year Ended 12/31/XX (dollars in thousands) Variable Fixed Material Labor Variable Work-in- Finished Materials Quantity Labor Rate Overhead Fixed Overhead Overhead Retained PP&E (net) Variance Efficiency Overhead Cash Efficiency Budget Variance Volume Earnings Date/Event Raw Materials Process Goods Price Variance Variance Variance Rate Variance Variance Variance 1/1 = a. b . C . g . h . 12/31 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. - .eq 2 and 3 l Req 4 l Prepare Phoenix Company's inoome statement for the year. (Enter your dollars in thousands rounded to the nearest thousand.) Cost of goods sold at standard _ Total variance adjustments _ Cost of goods sold _ _- Selling and administrative expenses _ et operating income __