Please help me Barley Hopp, Inc., manufactures custom-ordered commemorative beer steins. Its standard cost information follows:Standard Standard Price StandardQuantity1.4 lbs.(Rate)$ 1.90 per lb.$11.00 per hr.Unit Cost$ 2.6619.80Direct materials (clay)Direct laborVariable manufacturing overhead(based on direct labor hours)Fixed manufacturing overhead($238,080 + 93,000 units)1.8 hrs.1.8 hrs.$ 1.40 per hr.2.522.56Barley 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 cost119,100150,000$ 255,000154,100$ 560,100६ 178, 600$ 340,000Required:Prepare the journal entry to record Barley Hopp's fixed manufacturing overhead costs and related variances for last year. (If no entry isrequired for a transaction/event, select "No Journal Entry Required" in the first account field.)View transaction listJournal entry worksheetRecord the entry for fixed manufacturing overhead costs and variances.

Solution: Entry to record fixed manufacturing overhead costs and related variances is as under:

Barley Hopp, Inc., manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Standard Standard Price Standard Quantity 1.4 lbs. $ 1.90 per lb. 1.8 hrs. $11.00 per hr. (Rate) Unit Cost Direct materials (clay) $ 2.66 Direct labor Variable manufacturing overhead (based on direct labor hours) Pixed manufacturing overhead ($238,080 + 93,000 unita) 19.80 1.8 hrs. $ 1.40 per hr. 2.52 2.56 Barley Hopp had the following actual results last year: Number of units produced and sold Number of pounds of clay used Cost of elay Number of labor hours wMorked 119,100 150,000 $ 255,000 154,100 $ 560,100 $ 178,600 $ 340,000 Direct labor cost Variable overhead cost Fixed overhead cost Required: Prepare the journal entry to record Barley Hopp's fixed manufacturing overhead costs and related variances for last year. (If nc required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Barley Hopp, Inc., manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Standard Standard Price Standard Quantity 1.4 lbs. $ 1.90 per lb. 1.8 hrs. $11.00 per hr. (Rate) Unit Cost Direct materials (clay) $ 2.66 Direct labor Variable manufacturing overhead (based on direct labor hours) Pixed manufacturing overhead ($238,080 + 93,000 unita) 19.80 1.8 hrs. $ 1.40 per hr. 2.52 2.56 Barley Hopp had the following actual results last year: Number of units produced and sold Number of pounds of clay used Cost of elay Number of labor hours wMorked 119,100 150,000 $ 255,000 154,100 $ 560,100 $ 178,600 $ 340,000 Direct labor cost Variable overhead cost Fixed overhead cost Required: Prepare the journal entry to record Barley Hopp's fixed manufacturing overhead costs and related variances for last year. (If nc required for a transaction/event, select "No Journal Entry Required" in the first account field.)

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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