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Barley Hopp, Inc., manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Standard Standard Price (Rate) $2.00 per lb. Unit Cost $ 3.80 28.50 $ 15 per he.. $ 1.2 per hr. Standard Quantity 1.9 lbs. 1.9 hrs. 1.9 hrs. Direct materials (clay) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($520,000 200,000 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 205,000 378,200 $ 794,220 250,000 $5,875,000 $ 450,000 $ 510,000 2.28 2.60 Required: 1& 2. Calculate the fixed overhead spending variance and volume variance for Barley Hopp. 3. Calculate the total over- or underapplied fixed manufacturing overhead for Barley Hopp.

Barley Hopp, Inc., manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Standard Standard Price (Rate) $2.00 per lb. Unit Cost $ 3.80 28.50 $ 15 per he.. $ 1.2 per hr. Standard Quantity 1.9 lbs. 1.9 hrs. 1.9 hrs. Direct materials (clay) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($520,000 200,000 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 205,000 378,200 $ 794,220 250,000 $5,875,000 $ 450,000 $ 510,000 2.28 2.60 Required: 1& 2. Calculate the fixed overhead spending variance and volume variance for Barley Hopp. 3. Calculate the total over- or underapplied fixed manufacturing overhead for Barley Hopp.

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 Price (Rate) $2.00 per lb. $ Standard Unit Cost $3.80 28.50 15 per hr. $1.2 per hr. Direct materials (clay) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($520,000 200,000 units) Standard Quantity 1.9 lbs. 1.9 hrs. 1.9 hrs. 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 costi Fixed overhead cost 205,000 378,200 $ 794,220 250,000 $5,875,000 $450,000 $ 510,000 2.28 2.60 Required: 1& 2. Calculate the fixed overhead spending variance and volume variance for Barley Hopp. 3. Calculate the total over-or underapplied fixed manufacturing overhead for Barley Hopp. Complete this question by entering your answers in the tabs below.
Transcribed Image Text:Barley Hopp, Inc., manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Standard Price (Rate) $2.00 per lb. $ Standard Unit Cost $3.80 28.50 15 per hr. $1.2 per hr. Direct materials (clay) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($520,000 200,000 units) Standard Quantity 1.9 lbs. 1.9 hrs. 1.9 hrs. 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 costi Fixed overhead cost 205,000 378,200 $ 794,220 250,000 $5,875,000 $450,000 $ 510,000 2.28 2.60 Required: 1& 2. Calculate the fixed overhead spending variance and volume variance for Barley Hopp. 3. Calculate the total over-or underapplied fixed manufacturing overhead for Barley Hopp. Complete this question by entering your answers in the tabs below.
Required: 1 & 2. Calculate the fixed overhead spending variance and volume variance for Barley Hopp. 3. Calculate the total over- or underapplied fixed manufacturing overhead for Barley Hopp. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 Calculate the fixed overhead spending variance and volume variance for Barley Hopp. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) 1. Fixed Overhead Spending Variance 2 Fixed Overhead Volume Variance Show Transcribed Text < 1 and 2 Req 1 and 2 Required: 1 & 2. Calculate the fixed overhead spending variance and volume variance for Barley Hopp. 3. Calculate the total over- or underapplied fixed manufacturing overhead for Barley Hopp. Req 3 G Complete this question by entering your answers in the tabs below. Req 3 > Fixed overhead Calculate the total over- or underapplied fixed manufacturing overhead for Barley Hopp. (Do not round your intermediate calculations.) < Req 1 and 2 Reg 3 >
Transcribed Image Text:Required: 1 & 2. Calculate the fixed overhead spending variance and volume variance for Barley Hopp. 3. Calculate the total over- or underapplied fixed manufacturing overhead for Barley Hopp. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 Calculate the fixed overhead spending variance and volume variance for Barley Hopp. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) 1. Fixed Overhead Spending Variance 2 Fixed Overhead Volume Variance Show Transcribed Text < 1 and 2 Req 1 and 2 Required: 1 & 2. Calculate the fixed overhead spending variance and volume variance for Barley Hopp. 3. Calculate the total over- or underapplied fixed manufacturing overhead for Barley Hopp. Req 3 G Complete this question by entering your answers in the tabs below. Req 3 > Fixed overhead Calculate the total over- or underapplied fixed manufacturing overhead for Barley Hopp. (Do not round your intermediate calculations.) < Req 1 and 2 Reg 3 >
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