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Barley Hopp, Inc., manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Standard Price (Rate) Standard Unit Cost $2.72 22.40 1.92 Direct materials (clay) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($312,500.00 + 125,000.00 units) Standard Quantity 1.60 lbs. 1.60 hrs. 1.60 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 cost Fixed overhead cost 130,000 228,200 $365,120 175,000 $2,975,000 $ 250,000 $ 330,000 $ 1.70 per lb. $14.00 per hr. $ 1.20 per hr. 2.50

Barley Hopp, Inc., manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Standard Price (Rate) Standard Unit Cost $2.72 22.40 1.92 Direct materials (clay) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($312,500.00 + 125,000.00 units) Standard Quantity 1.60 lbs. 1.60 hrs. 1.60 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 cost Fixed overhead cost 130,000 228,200 $365,120 175,000 $2,975,000 $ 250,000 $ 330,000 $ 1.70 per lb. $14.00 per hr. $ 1.20 per hr. 2.50

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) Standard Unit Cost $ 2.72 22.40 1.92 Direct materials (clay) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($312,500.00 + 125,000.00 units) Standard Quantity 1.60 lbs. 1.60 hrs. 1.60 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 cost Fixed overhead cost 130,000 228,200 $365,120 175,000 $2,975,000 $ 250,000 $ 330,000 $ 1.70 per lb. $ 14.00 per hr. $ 1.20 per hr. 2.50
Transcribed Image Text:Barley Hopp, Inc., manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Standard Price (Rate) Standard Unit Cost $ 2.72 22.40 1.92 Direct materials (clay) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($312,500.00 + 125,000.00 units) Standard Quantity 1.60 lbs. 1.60 hrs. 1.60 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 cost Fixed overhead cost 130,000 228,200 $365,120 175,000 $2,975,000 $ 250,000 $ 330,000 $ 1.70 per lb. $ 14.00 per hr. $ 1.20 per hr. 2.50
2. Calculate the direct labor rate, efficiency, and total spending variances for Barley Hopp. (Do not round your intermediate calculations. Indicate the effect of each varlance by selecting "F" for favorable and "U" for unfavorable.) Direct Labor Rate Variance Direct Labor Efficiency Variance Direct Labor Spending Variance. $ 525,000 U 3. Calculate the variable overhead rate, efficiency, and total spending variances for Barley Hopp. (Do not round your intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable/Overapplied and "U" for unfavorable/underapplied.) Variable Overhead Rate Variance Variable Overhead Efficiency Variance Variable Overhead Spending Variance R. W IMA X !!!!!! 3
Transcribed Image Text:2. Calculate the direct labor rate, efficiency, and total spending variances for Barley Hopp. (Do not round your intermediate calculations. Indicate the effect of each varlance by selecting "F" for favorable and "U" for unfavorable.) Direct Labor Rate Variance Direct Labor Efficiency Variance Direct Labor Spending Variance. $ 525,000 U 3. Calculate the variable overhead rate, efficiency, and total spending variances for Barley Hopp. (Do not round your intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable/Overapplied and "U" for unfavorable/underapplied.) Variable Overhead Rate Variance Variable Overhead Efficiency Variance Variable Overhead Spending Variance R. W IMA X !!!!!! 3
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