Barley Hopp, Inc., manufactures custom-ordered commemorative beer steins. Its standard cost information follows:StandardQuantity1.90 lbs.Standard Price(Rate)StandardUnit Cost$ 3.8028.50Direct materials (clay)$ 2.00 per lb.Direct labor1.90 hrs.$15.00 per hr.Variable manufacturing overhead (basedon direct labor hours)1.90 hrs. $ 1.20 per hr.2.28Fixed manufacturing overhead($520,000.00200,000.00 units)2.60Barley Hopp had the following actual results last year:Number of units produced and sold205,000Number of pounds of clay used378,200Cost of clayNumber of labor hours workedDirect labor costVariable overhead costFixed overhead cost794,220250,000$5,875,000$450,000$ 510,000Required: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 for Barley Hopp.

Standard Costing -Standard costing is the process of replacing an actual cost with an expected cost.…

Answered: Barley Hopp, Inc., manufactures…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Atlas Furniture Company manufactures designer home furniture. Atlas uses a standard cost system. The direct labor, direct materials, and factory overhead standards for an unfinished dining room table are as follows: Direct labor: standard rate $28.00 per hr. standard time per unit 5.0 hrs. Direct materials (oak): standard price $12.00 per bd. ft. standard quantity 18 bd. ft. Variable factory overhead: standard rate $2.00 per direct labor hr. Fixed factory overhead: standard rate $3.80 per direct labor hr. a. Determine the standard cost per dining room table.$fill in the blank 1 per table b. A standard cost system provides Atlas Furniture Company's management a cost control tool using the principle of . Using this principle, cost deviations from standards can be investigated and corrected.
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Vitex, Incorporated manufactures a popular consumer product and it has provided the following data excerpts from its standard cost system: Inputs (1) Standard Quantity or Hours (2) Standard Price or Rate Standard Cost (1) × (2) Direct materials 2.20 pounds $ 16.30 per pound $ 35.86 Direct labor 1.00 hours $ 15.80 per hour $ 15.80 Variable manufacturing overhead 1.00 hours $ 9.50 per hour $ 9.50 Total standard cost per unit $ 61.16 Total Variances Reported Standard Cost* Price or Rate Quantity or Efficiency Direct materials $ 681,340 $ 12,702 F $ 32,600 U Direct labor $ 300,200 $ 4,000 U $ 15,800 U Variable manufacturing overhead $ 180,500 $ 4,100 F $ ?† U *Applied to Work in Process during the period. The company's manufacturing overhead cost is applied to production on the basis of direct labor-hours. All of the materials purchased during the period were used in production. Work in process inventories are insignificant and can be…
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Upstate Mechanical, Inc., has been producing two bearings, components T79 and B81, for use in production. Data regarding these two components follow. Machine hours required per unit Standard cost per unit: Direct material Direct labor Manufacturing overhead Variable* Fixed Total T79 B81 2.5 3.0 $ 2.25 $ 3.75 4.00 4.50 2.00 2.25 3.75 4.50 $12.00 $15.00 *Variable manufacturing overhead is applied on the basis of direct-labor hours. *Fixed manufacturing overhead is applied on the basis of machine hours. Upstate Mechanical's annual requirement for these components is 8,000 units of T79 and 11,000 units of B81. Recently, management decided to devote additional machine time to other product lines, leaving only 41,000 machine hours per year for producing the bearings. An outside company has offered to sell Upstate Mechanical its annual supply of bearings at prices of $11.25 for T79 and $13.50 for B81. Management wants to schedule the otherwise idle 41,000 machine hours to produce bearings so…
Required information [The following information applies to the questions displayed below.] BatCo makes baseball bats. Each bat requires 2.00 pounds of wood at $20 per pound and 0.30 direct labor hour at $20 per hour. Overhead is assigned at the rate of $40 per direct labor hour. Prepare a standard cost card for a baseball bat for BatCo. (Round your final answers to 2 decimal places.) Inputs Direct materials Direct labor Overhead Standard quantity or hours pounds DLH DLH Standard price or rate Standard cost per unit
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Standard Product Cost Santa Clara Furniture Company manufactures designer home furniture. Santa Clara uses a standard cost system. The direct labor, direct materials, and factory overhead standards for an unfinished dining room table are as follows: Direct labor: standard rate $19.00 per hr. standard time per unit 3.5 hrs. Direct materials (oak): standard price $16.50 per bd. ft. standard quantity 27 bd. ft. Variable factory overhead: standard rate $3.90 per direct labor hr. Fixed factory overhead: standard rate $2.10 per direct labor hr. a. Determine the standard cost per dining room table. per dining room table Using this b. A standard cost system provides the company's management a cost control tool using the principle of principle, cost deviations from standards can be investigated and corrected.
Northwest Company produces two types of glass shelving: rounded edge and squared edge. The company reports the following cost data. Rounded Edge $ 34,800 11,600 Squared Edge $ 46,800 $ 81,600 31,200 Total Direct materials Direct labor Overhead (using plantwide rate) 42,800 41,400 79,400 120,800 $ 245, 200 $ Total product cost $ 87,800 157,400 Units produced Product cost per unit 11,600 $ 7.57 15,600 $ 10.09 Northwest's controller wants to apply activity-based costing to allocate the $120,800 of overhead cost to the two products to see whether product cost per unit would change markedly from that above. The company's budgeted activity usage equals its actual activity usage for the period. The following additional information is collected. Budgeted Cost $ 6,200 Activity Cost Driver Purchase orders Activity Usage Squared Edge 471 orders Rounded Activity Purchasing Depreciation of machinery Setup Edge 149 orders Total 620 orders 63,000 Machine hours 500 hours 1,500 hours 2,000 hours 51,600…
ELU Company makes two products in a single facility. These products have the following unit product costs: Product A Product B Direct materials $10.90 $15.80 Direct labour 12.50 12.60 Variable manufacturing overhead 2.40 1.20 Fixed manufacturing overhead 11.60 7.20 Unit product cost $37.40 $36.80 Additional data concerning these products are listed below. Product A Product B Mixing minutes per unit 2.00 1.00 Selling price per unit $55.80 $54.60 Variable selling cost per unit $2.10 $1.40 Monthly demand in units 2,000 1,000 The mixing machines are potentially a constraint in the production facility. A total of 4,000 minutes are available per month on these machines. Direct labour is a variable cost in this company. Required: How many minutes of mixing machine time would be required to satisfy demand for both products? How many of each product should be produced, rounded to the nearest…

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