Barley Hopp Inc manufactures custom ordered commermorative beer steins. It's standard cost information follows: 1. calculate the direct materials price, quantity and total spending variances for barley hopp 2. calculate the firect labor rate, effciency and total spending cariances for barley hopp 3. caluculate the variable overhead rate, efficiency and total spending variances for barley hopp.
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Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
Barley Hopp Inc manufactures custom ordered commermorative beer steins. It's
1. calculate the direct materials price, quantity and total spending variances for barley hopp
2. calculate the firect labor rate, effciency and total spending cariances for barley hopp
3. caluculate the variable overhead rate, efficiency and total spending variances for barley hopp.
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- The following product Costs are available for Haworth Company on the production of chairs: direct materials, $15,500; direct labor, $22.000; manufacturing overhead, $16.500; selling expenses, $6,900; and administrative expenses, $15,200. What are the prime costs? What are the conversion costs? What is the total product cost? What is the total period cost? If 7,750 equivalent units are produced, what is the equivalent material cost per unit? If 22,000 equivalent units are produced, what is the equivalent conversion cost per unit?SmokeCity, Inc., manufactures barbeque smokers. Based on past experience, SmokeCity has found that its total annual overhead costs can be represented by the following formula: Overhead cost = 543,000 + 1.34X, where X equals number of smokers. Last year, SmokeCity produced 20,000 smokers. Actual overhead costs for the year were as expected. Required: 1. What is the driver for the overhead activity? 2. What is the total overhead cost incurred by SmokeCity last year? 3. What is the total fixed overhead cost incurred by SmokeCity last year? 4. What is the total variable overhead cost incurred by SmokeCity last year? 5. What is the overhead cost per unit produced? 6. What is the fixed overhead cost per unit? 7. What is the variable overhead cost per unit? 8. Recalculate Requirements 5, 6, and 7 for the following levels of production: (a) 19,500 units and (b) 21,600 units. (Round your answers to the nearest cent.) Explain this outcome.The following product costs are available for Stellis Company on the production of erasers: direct materials, $22,000; direct labor, $35,000; manufacturing overhead, $17,500; selling expenses, $17,600; and administrative expenses; $13,400. What are the prime costs? What are the conversion costs? What is the total product cost? What is the total period cost? If 13,750 equivalent units are produced, what is the equivalent material cost per unit? If 17,500 equivalent units are produced, what is the equivalent conversion cost per unit?
- Algers Company produces dry fertilizer. At the beginning of the year, Algers had the following standard cost sheet: Algers computes its overhead rates using practical volume, which is 54,000 units. The actual results for the year are as follows: a. Units produced: 53,000 b. Direct materials purchased: 274,000 pounds at 2.50 per pound c. Direct materials used: 270,300 pounds d. Direct labor: 40,100 hours at 17.95 per hour e. Fixed overhead: 161,700 f. Variable overhead: 122,000 Required: 1. Compute price and usage variances for direct materials. 2. Compute the direct labor rate and labor efficiency variances. 3. Compute the fixed overhead spending and volume variances. Interpret the volume variance. 4. Compute the variable overhead spending and efficiency variances. 5. Prepare journal entries for the following: a. The purchase of direct materials b. The issuance of direct materials to production (Work in Process) c. The addition of direct labor to Work in Process d. The addition of overhead to Work in Process e. The incurrence of actual overhead costs f. Closing out of variances to Cost of Goods SoldSteeler Towel Company estimates its overhead to be $250,000. It expects to have 100,000 direct labor hours costing $2,500,000 in labor and utilizing 12,500 machine hours. Calculate the predetermined overhead rate using: A. Direct labor hours B. Direct labor dollars C. Machine hoursBarley Hopp, Incorporated, manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Standard Quantity Standard Price (Rate) Standard Unit Cost Direct materials (clay) 1.60 pounds $ 1.70 per pound $ 2.72 Direct labor 1.60 hours $ 14.00 per hour 22.40 Variable manufacturing overhead (based on direct labor hours) 1.60 hours $ 1.30 per hour 2.08 Fixed manufacturing overhead ($352,000.00 ÷ 160,000.00 units) 2.20 Barley Hopp had the following actual results last year: Number of units produced and sold 165,000 Number of pounds of clay purchased and used 298,200 Cost of clay $ 536,760 Number of labor hours worked 210,000 Direct labor cost $ 3,780,000 Variable overhead cost $ 320,000 Fixed overhead cost $ 355,000 Required: Calculate the direct materials price, quantity, and total spending variances for Barley Hopp. Calculate the direct labor rate, efficiency, and total spending variances for Barley Hopp. Calculate…
- Barley Hopp, Inc., manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Standard Quantity Standard Price (Rate) Standard Unit Cost Direct materials (clay) 1.80 lbs. $ 1.90 per lb. $ 3.42 Direct labor 1.80 hrs. $ 16.00 per hr. 28.80 Variable manufacturing overhead (based on direct labor hours) 1.80 hrs. $ 1.10 per hr. 1.98 Fixed manufacturing overhead ($487,500.00 ÷ 195,000.00 units) 2.50 Barley Hopp had the following actual results last year: Number of units produced and sold 200,000 Number of pounds of clay used 368,200 Cost of clay $ 736,400 Number of labor hours worked 245,000 Direct labor cost $ 5,806,500 Variable overhead cost $ 390,000 Fixed overhead cost $ 470,000 Required:1. Calculate the direct materials price, quantity, and total spending variances for Barley Hopp.2. Calculate the direct labor rate, efficiency, and total spending variances for Barley Hopp.3.…Barley Hopp, Inc., manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Standard Quantity 1.90 lbs. Standard Price (Rate) Standard Unit Cost $ 3.80 28.50 Direct materials (clay) $ 2.00 per lb. Direct labor 1.90 hrs. $15.00 per hr. Variable manufacturing overhead (based on direct labor hours) 1.90 hrs. $ 1.20 per hr. 2.28 Fixed manufacturing overhead ($520,000.00 200,000.00 units) 2.60 Barley Hopp had the following actual results last year: Number of units produced and sold 205,000 Number of pounds of clay used 378,200 Cost of clay Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost 794,220 250,000 $5,875,000 $ 450,000 $ 510,000 Required: 1. Calculate the direct materials price, quantity, and total spending variances for Barley Hopp. 2. Calculate the direct labor rate, efficiency, and total spending variances for Barley Hopp. 3. Calculate the variable overhead rate, efficiency, and total spending variances…Bullseye Company manufactures dartboards. Its standard cost information follows: Standard Quantity Standard Price (Rate) Standard Unit Cost Direct materials (cork board) 4.50 sq. ft. $ 2.60 per sq. ft. $ 11.70 Direct labor 1 hrs. $ 10.00 per hr. 10.00 Variable manufacturing overhead (based on direct labor hours) 1 hrs. $ 0.75 per hr. 0.75 Fixed manufacturing overhead ($22,000 ÷ 110,000 units) 0.20 Bullseye has the following actual results for the month of September: Number of units produced and sold 90,000 Number of square feet of corkboard used 420,000 Cost of corkboard used $ 1,134,000 Number of labor hours worked 100,000 Direct labor cost $ 910,000 Variable overhead cost $ 74,000 Fixed overhead cost $ 56,000 Required:1. Calculate the direct materials price, quantity, and total spending variances for Bullseye.2. Calculate the direct labor rate, efficiency, and total spending variances for Bullseye.3. Calculate…
- Bullseye Company manufactures dartboards. Its standard cost information follows: Standard Quantity Standard Price (Rate) Standard Unit Cost Direct materials (cork board) 2.00 sq. ft. $ 2.80 per sq. ft. $ 5.60 Direct labor 1 hrs. $ 10.00 per hr. 10.00 Variable manufacturing overhead (based on direct labor hours) 1 hrs. $ 0.40 per hr. 0.40 Fixed manufacturing overhead ($69,000 ÷ 230,000 units) 0.30 Bullseye has the following actual results for the month of September: Number of units produced and sold 210,000 Number of square feet of corkboard used 440,000 Cost of corkboard used $ 1,276,000 Number of labor hours worked 219,000 Direct labor cost $ 1,992,900 Variable overhead cost $ 80,000 Fixed overhead cost $ 58,000 Required:1. Calculate the direct materials price, quantity, and total spending variances for Bullseye.2. Calculate the direct labor rate, efficiency, and total spending variances for Bullseye.3.…Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Standard Quantity Standard Price (Rate) Standard Unit Cost $ 5.04 $ 0.63 per sq. ft. $10.50 per hr. 2.73 $ 1.50 per hr. 0.39 Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($308,040 906,000 units) 8 sq ft. 0.26 hr. 0.26 hr. Parker Plastic had the following actual results for the past year: Number of units produced and sold Number of square feet of plastic used Cost of plastic purchased and used Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost Direct Labor Rate Variance Direct Labor Efficiency Variance 1,220,000 11,200,000 $ 6,720,000 305,000 $ $ 3,233,000 540,000 361,000 $ 0.34 Required: Calculate Parker Plastic's direct labor rate and efficiency variances. (Do not round intermediate calculations. Indicate the effect of each…S Direct materials (cork board) Direct labor Bullseye Company manufactures dartboards. Its standard cost information follows: Standard Price (Rate) $ 2.30 per sq. ft. $10.00 per hr. Standard Unit Cost Standard Quantity 3.00 sq. ft. 1 hrs. $ 6.90 10.00 Variable manufacturing overhead. (based on direct labor hours) Fixed manufacturing overhead ($58,000+145,000 units) 1 hrs. $ 0.55 per hr. 0.55 0.40 Bullseye has the following actual results for the month of September: Number of units produced and sold Number of square feet of corkboard used Cost of corkboard used Number of labor hours worked Direct labor cost 125,000 390,000 $ 936,000 135,000 $1,228,500 Variable overhead cost Fixed overhead cost $ 71,000 $ 53,000 Required: 1. Calculate the direct materials price, quantity, and total spending variances for Bullseye. 2. Calculate the direct labor rate, efficiency, and total spending variances for Bullseye. 3. Calculate the variable overhead rate, efficiency, and total spending variances for…