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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Lamp Light Limited (LLL) manufactures lampshades. It applies variable overhead on the basis of direct labor hours. Information from LLL’s standard cost card follows: Standard Quantity Standard Rate Standard Unit Cost Variable manufacturing overhead 0.6 $0.80 $0.48 During August, LLL had the following actual results: Units produced and sold 26,300 Actual variable overhead $ 9,590 Actual direct labor hours 17,000 Required:Compute LLL’s variable overhead rate variance, variable overhead efficiency variance, and over- or underapplied variable overhead. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) How do I figure out the variable overhead rate variance? I thought it's AH*(SR-AR) 17,000 * (.80- 9,590/17000=.56) 17000 * (.80-.56)= 4,080?? It says not correct?
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 Direct materials (plastic) 12 sq ft. $ 1.00 per sq. ft. $ 12.00 Direct labor 0.25 hr. $ 12.80 per hr. 3.20 Variable manufacturing overhead (based on direct labor hours) 0.25 hr. $ 2.00 per hr. 0.50 Fixed manufacturing overhead ($559,200 ÷ 932,000 units) 0.60 Parker Plastic had the following actual results for the past year: Number of units produced and sold 1,260,000 Number of square feet of plastic used 12,500,000 Cost of plastic purchased and used $ 11,250,000 Number of labor hours worked 330,000 Direct labor cost $ 4,026,000 Variable overhead cost $ 1,480,000 Fixed overhead cost $ 387,000 Required:Calculate Parker Plastic’s variable overhead rate and efficiency variances and its over- or underapplied variable overhead.…
The following standard cost card is provided for Navid Company's Product A: Direct material (3 lbs. @ $3.00 per lb.) Direct labor (2 hr @ $8.00 per hr.) Variable overhead (2 hr. @ $3.00 per hr.) Fixed overhead (1 hr. @ $3.00 per hr.) $ 9.00 16.00 6.00 3.00 Total standard cost per unit $34.00 The fixed overhead rate is based on total budgeted fixed overhead of $12,000. During the period, the company produced and sold 5,600 units at the following costs: Direct material 12,200 pounds @ $2.50 per pound Direct labor 5,350 hours @ $16.00 per hour Overhead $29,940 The standard manufacturing cost per unit is $34.00. What is the actual manufacturing cost per unit? (Do not round intermediate calculations.)
Denger
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…
BatCo makes baseball bats. Each bat requires 1.00 pounds of wood at $18 per pound and 0.35 direct labor hour at $30 per hour. Overhead is assigned at the rate of $60 per direct labor hour.
Gail Cleaners produces a commercial cleaning compound known as Carpex. The direct materials and direct labour standards for one unit of Carpex follow: Standard Quantity or Hours Standard Price or Rate Standard Cost Direct materials 4.10 kilograms $ 2.20 per kilogram $ 9.02 Direct labour 0.42 hour $ 8.00 per hour a 3.36 Variable overhead 0.42 hour $ 1.30 per hour 0.55 The budgeted fixed overhead cost is $14, 619 per month. The denominator activity level of the allocation base is 1,596 direct labour - hours. During the most recent month, the following activity was recorded: a. 9, 100 kilograms of material were purchased at a cost of $2.22 per kilogram. b. All of the material purchased was used to produce 3,800 units of Zoom. c. A total of 790 hours of direct labour time was recorded at a total labour cost of 9,243. d. The variable overhead cost was $1,580, and the fixed overhead cost was $31, 713.
Standard Product Cost Sana Rosa Furniture Company manufactures designer home furniture. Sana Rosa 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 $20.00 per hr. standard time per unit 3.00 hrs. Direct materials (oak): standard price $10.00 per bd. ft. standard quantity 18 bd. ft. Variable factory overhead: standard rate $2.80 per direct labor hr. Fixed factory overhead: standard rate $1.20 per direct labor hr. a. Determine the standard cost per dining room table. If required, round your answer to two decimal places.$fill in the blank 1 per dining room table b. A standard cost system provides Rosa Furniture management a cost control tool using the principle of cost control . Using this principle, minor cost deviations from standards can be investigated and corrected.
Standard Cost Journal Entries Bellingham Company produced 4,400 units that require eight standard pounds per unit at a $8 standard price per pound. The company actually used 36,300 pounds in production. Journalize the entry to record the standard direct materials used in production. If an amount box does not require an entry, leave it blank.
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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 $23.00 per hr. standard time per unit 4.0 hrs. Direct materials (oak): standard price $14.00 per bd. ft. standard quantity 25 bd. ft. Variable factory overhead: standard rate $4.30 per direct labor hr. Fixed factory overhead: standard rate $2.40 per direct labor hr. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet a. Determine the standard cost per dining room table. If required, round your answer to two decimal places. $fill in the blank per dining room table b. A standard cost system provides Rosa Furniture management a cost control tool…
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 $21.00 per hr. standard time per unit 2 hrs. Direct materials (oak): standard price $10.50 per bd. ft. standard quantity 18 bd. ft. Variable factory overhead: standard rate $3.20 per direct labor hr. Fixed factory overhead: standard rate $1.20 per direct labor hr. a. Determine the standard cost per dining room table. If required, round your answer to two decimal places.$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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