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Barley Hopp, Incorporated, manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Standard Unit Direct materials (clay) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($402, 500.00- 175,000.00 units) Barley Hopp had the following actual results last year: Number of units produced and sold Number of pounds of clay purchased and used Cost of clay Standard Quantity 1.70 pounds 1.70 hours 1.70 hours 180,000 328,200 $ 623,580 225,000 $ 3,082,500 $ 350,000 $ 400,000 Standard Price (Rate) $ 1.80 per pound $ 10.00 per hour $ 1.10 per hour Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost Required: 1. Calculate the direct materials price, quantity, and total spending variances for Barley Hopp. 2. Calculate the direct labor rate, efficiency, and total spending variances for Barley Hopp. 3. Calculate the variable overhead rate, efficiency, and total spending variances for Barley Hopp Cost $ 3.06 17.00 1.87 2.30

Barley Hopp, Incorporated, manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Standard Unit Direct materials (clay) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($402, 500.00- 175,000.00 units) Barley Hopp had the following actual results last year: Number of units produced and sold Number of pounds of clay purchased and used Cost of clay Standard Quantity 1.70 pounds 1.70 hours 1.70 hours 180,000 328,200 $ 623,580 225,000 $ 3,082,500 $ 350,000 $ 400,000 Standard Price (Rate) $ 1.80 per pound $ 10.00 per hour $ 1.10 per hour Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost Required: 1. Calculate the direct materials price, quantity, and total spending variances for Barley Hopp. 2. Calculate the direct labor rate, efficiency, and total spending variances for Barley Hopp. 3. Calculate the variable overhead rate, efficiency, and total spending variances for Barley Hopp Cost $ 3.06 17.00 1.87 2.30

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Barley Hopp, Incorporated, manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Standard Unit Cost $ 3.06 17.00 1.87 2.30 Direct materials (clay) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($402, 500.00- 175,000.00 units) Barley Hopp had the following actual results last year: Number of units produced and sold Number of pounds of clay purchased and used Cost of clay Number of labor hours worked. Direct labor cost Variable overhead cost Fixed overhead cost Required: Standard Quantity 1.70 pounds 1.70 hours 1.70 hours 180,000 328,200 $ 623,580 225,000 $ 3,082,500 $ 350,000 $ 400,000 Standard Price (Rate) $ 1.80 per pound $ 10.00 per hour $ 1.10 per hour 1. Calculate the direct materials price, quantity, and total spending variances for Barley Hopp. 2. Calculate the direct labor rate, efficiency, and total spending variances for Barley Hopp.. 3. Calculate the variable overhead rate, efficiency, and total spending variances for Barley Hopp.
Transcribed Image Text:Barley Hopp, Incorporated, manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Standard Unit Cost $ 3.06 17.00 1.87 2.30 Direct materials (clay) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($402, 500.00- 175,000.00 units) Barley Hopp had the following actual results last year: Number of units produced and sold Number of pounds of clay purchased and used Cost of clay Number of labor hours worked. Direct labor cost Variable overhead cost Fixed overhead cost Required: Standard Quantity 1.70 pounds 1.70 hours 1.70 hours 180,000 328,200 $ 623,580 225,000 $ 3,082,500 $ 350,000 $ 400,000 Standard Price (Rate) $ 1.80 per pound $ 10.00 per hour $ 1.10 per hour 1. Calculate the direct materials price, quantity, and total spending variances for Barley Hopp. 2. Calculate the direct labor rate, efficiency, and total spending variances for Barley Hopp.. 3. Calculate the variable overhead rate, efficiency, and total spending variances for Barley Hopp.
Required 1 Required 2 Required 3 Calculate the direct materials price, quantity, and total spending variances for Barley Hopp. Note: Do not round your intermediate calculations. Enter the dollar value of the variance as an absolute value (positive number) and then use the drop-down menu to indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Direct Materials Price Variance Direct Materials Quantity Variance Direct Materials Spending Variance Direct Labor Rate Variance Direct Labor Efficiency Variance Direct Labor Spending Variance Required 1 Required 2 Required 3 Required 1 Required 1 Required 2 Required 3 Calculate the direct labor rate, efficiency, and total spending variances for Barley Hopp. Note: Do not round your intermediate calculations. Enter the dollar value of the variance as an absolute value (positive number) and then use the drop-down menu to indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Variable Overhead Rate Variance Variable Overhead Efficiency Variance Variable Overhead Spending Variance < Required 1 Required 2 > < Required 2 Required 3 > Calculate the variable overhead rate, efficiency, and total spending variances for Barley Hopp. Note: Do not round your intermediate calculations. Enter the dollar value of the variance as an absolute value (positive number) and then use the drop-down menu to indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Show less A Required 3> Show less A Show less A
Transcribed Image Text:Required 1 Required 2 Required 3 Calculate the direct materials price, quantity, and total spending variances for Barley Hopp. Note: Do not round your intermediate calculations. Enter the dollar value of the variance as an absolute value (positive number) and then use the drop-down menu to indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Direct Materials Price Variance Direct Materials Quantity Variance Direct Materials Spending Variance Direct Labor Rate Variance Direct Labor Efficiency Variance Direct Labor Spending Variance Required 1 Required 2 Required 3 Required 1 Required 1 Required 2 Required 3 Calculate the direct labor rate, efficiency, and total spending variances for Barley Hopp. Note: Do not round your intermediate calculations. Enter the dollar value of the variance as an absolute value (positive number) and then use the drop-down menu to indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Variable Overhead Rate Variance Variable Overhead Efficiency Variance Variable Overhead Spending Variance < Required 1 Required 2 > < Required 2 Required 3 > Calculate the variable overhead rate, efficiency, and total spending variances for Barley Hopp. Note: Do not round your intermediate calculations. Enter the dollar value of the variance as an absolute value (positive number) and then use the drop-down menu to indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Show less A Required 3> Show less A Show less A
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