Please do not give solution in image format thanku Barley Hopp, Inc., manufactures custom ordered commemorative beer steins. Its standard cost information follows:StandardQuantity1.7 lbs.2.1 hrs.Standard Price(Rate)$1.30 per 16.StandardUnit Cost$2.21$7.00 per hr.14.792.1 hrs.$1.20 per hr.Direct materials (clay)Direct laborVariable manufacturing overhead(based on direct labor hours)Fixed manufacturing overhead($283,800 110,000 units)Barley Hopp had the following actual results last year:Number of units produced and soldNumber of pounds of clay usedCost of clayNumber of labor hours workedDirect labor costVariable overhead costFixed overhead cost81,300158,210$ 181,942150,730$1,371,643$ 226,095$ 205,0002.522.58 Required:1 & 2. Prepare the journal entries to record the direct materials, direct labor and related varlances for Barley Hopp. Assume thecompany purchases direct materials as needed and does not maintain any ending inventories. (Do not round your intermediatecalculations. If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.)View transaction listJournal entry worksheetRecord the entry for direct materials costs and variances.Note: Enter debits before creditsTransaction1View transaction listCost of Goods SoldDirect Materials Quantity VarianceCash or Accounts Payable< 1Journal entry worksheetGeneral Journal2Transaction2Required:1 & 2. Prepare the journal entries to record the direct materials, direct labor and related variances for Barley Hopp. Assume thecompany purchases direct materials as needed and does not maintain any ending inventories. (Do not round your intermediatecalculations. 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 JournalDebitCreditDebit181,942>Credit

Cost of goods sold = Number of units produced and sold × standard cost per unit

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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