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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
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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Barley Hopp, Inc., manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Standard Standard Price Standard Quantity 1.4 lbs. (Rate) $ 1.90 per lb. $11.00 per hr. Unit Cost $ 2.66 19.80 Direct materials (clay) Direct labor Variable 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. 2.52 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 clay Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost 119,100 150,000 $ 255,000 154,100 $ 560,100 ६ 178, 600 $ 340,000 Required: Prepare the journal entry to record Barley Hopp's fixed manufacturing overhead costs and related variances for last year. (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 fixed manufacturing overhead costs and variances.
Transcribed Image Text:Barley Hopp, Inc., manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Standard Standard Price Standard Quantity 1.4 lbs. (Rate) $ 1.90 per lb. $11.00 per hr. Unit Cost $ 2.66 19.80 Direct materials (clay) Direct labor Variable 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. 2.52 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 clay Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost 119,100 150,000 $ 255,000 154,100 $ 560,100 ६ 178, 600 $ 340,000 Required: Prepare the journal entry to record Barley Hopp's fixed manufacturing overhead costs and related variances for last year. (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 fixed manufacturing overhead costs and variances.
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