Homework Help is Here – Start Your Trial Now!
Business
Accounting
Barley Hopp, Inc., manufactures custom ordered commemorative beer steins. Its standard cost information follows: Standard Price (Rate) $1.30 per 16. $7.00 per hr. Standard Unit Cost $ 2.21 14.79 $1.20 per hr. Direct materials (clay) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($283,800 110,000 units) Barley Hopp had the following actual results last year: Number of units produced and sold Number of pounds of clay used i Standard Quantity 1.7 lbs. 2.1 hrs. 2.1 hrs. Cost of clay Number of labor hours worked Direct labor cost Variable overhead cost. Fixed overhead cost 81,300 158,210 $ 181,942 150,730 $1,371,643 $ 226,095 $ 205,000 2.52 2.58

Barley Hopp, Inc., manufactures custom ordered commemorative beer steins. Its standard cost information follows: Standard Price (Rate) $1.30 per 16. $7.00 per hr. Standard Unit Cost $ 2.21 14.79 $1.20 per hr. Direct materials (clay) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($283,800 110,000 units) Barley Hopp had the following actual results last year: Number of units produced and sold Number of pounds of clay used i Standard Quantity 1.7 lbs. 2.1 hrs. 2.1 hrs. Cost of clay Number of labor hours worked Direct labor cost Variable overhead cost. Fixed overhead cost 81,300 158,210 $ 181,942 150,730 $1,371,643 $ 226,095 $ 205,000 2.52 2.58

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Please do not give solution in image format thanku 

Barley Hopp, Inc., manufactures custom ordered commemorative beer steins. Its standard cost information follows: Standard Quantity 1.7 lbs. 2.1 hrs. Standard Price (Rate) $1.30 per 16. Standard Unit Cost $2.21 $7.00 per hr. 14.79 2.1 hrs. $1.20 per hr. Direct materials (clay) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($283,800 110,000 units) Barley Hopp had the following actual results last year: Number of units produced and sold Number of pounds of clay used Cost of clay Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost 81,300 158,210 $ 181,942 150,730 $1,371,643 $ 226,095 $ 205,000 2.52 2.58
Transcribed Image Text:Barley Hopp, Inc., manufactures custom ordered commemorative beer steins. Its standard cost information follows: Standard Quantity 1.7 lbs. 2.1 hrs. Standard Price (Rate) $1.30 per 16. Standard Unit Cost $2.21 $7.00 per hr. 14.79 2.1 hrs. $1.20 per hr. Direct materials (clay) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($283,800 110,000 units) Barley Hopp had the following actual results last year: Number of units produced and sold Number of pounds of clay used Cost of clay Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost 81,300 158,210 $ 181,942 150,730 $1,371,643 $ 226,095 $ 205,000 2.52 2.58
Required: 1 & 2. Prepare the journal entries to record the direct materials, direct labor and related varlances for Barley Hopp. Assume the company purchases direct materials as needed and does not maintain any ending inventories. (Do not round your intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet Record the entry for direct materials costs and variances. Note: Enter debits before credits Transaction 1 View transaction list Cost of Goods Sold Direct Materials Quantity Variance Cash or Accounts Payable < 1 Journal entry worksheet General Journal 2 Transaction 2 Required: 1 & 2. Prepare the journal entries to record the direct materials, direct labor and related variances for Barley Hopp. Assume the company purchases direct materials as needed and does not maintain any ending inventories. (Do not round your intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Record the entry for direct labor costs and variance. Note: Enter debits before credits. - General Journal Debit Credit Debit 181,942 > Credit
Transcribed Image Text:Required: 1 & 2. Prepare the journal entries to record the direct materials, direct labor and related varlances for Barley Hopp. Assume the company purchases direct materials as needed and does not maintain any ending inventories. (Do not round your intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet Record the entry for direct materials costs and variances. Note: Enter debits before credits Transaction 1 View transaction list Cost of Goods Sold Direct Materials Quantity Variance Cash or Accounts Payable < 1 Journal entry worksheet General Journal 2 Transaction 2 Required: 1 & 2. Prepare the journal entries to record the direct materials, direct labor and related variances for Barley Hopp. Assume the company purchases direct materials as needed and does not maintain any ending inventories. (Do not round your intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Record the entry for direct labor costs and variance. Note: Enter debits before credits. - General Journal Debit Credit Debit 181,942 > Credit
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Cost classification
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS