please dont provide answer in image format thank you Barley Hopp, Incorporated, manufactures custom-ordered commemorative beer steins. Its standard cost information follows:StandardUnitCost$ 2.5614.00Direct materials (clay)Direct laborVariable manufacturing overhead (based on directlabor hours)Fixed manufacturing overhead ($297,180 + 117,000units)Barley Hopp had the following actual results last year:Number of units produced and soldNumber of pounds of clay purchased and usedCost of clayNumber of labor hours workedDirect labor costVariable overhead costFixed overhead costView transaction list View journal entry worksheetTransactionNoAB2No Transaction RecordedStandard Quantity1.6 pounds2.0 hours2.0 hoursRequired:1 & 2. Prepare the journal entries to record the direct materials, direct labor and related variances for Barley Hopp. Assume thecompany purchases direct materials as needed and does not maintain any ending inventories.Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.Direct Labor Rate Vanance83,900159,240$ 246,822142,800$ 1,270,920$ 299,880$ 270,000Standard Price (Rate)$ 1.60 per pound$7.00 per hour$ 1.90 per hourGeneral Journal4Debit3.802.54CreditⓇ

Name: please dont provide answer in image format thank you Barley Hopp, Inco
Uploaded: 2024-03-20T06:33:06.000Z
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Description: please dont provide answer in image format thank you Barley Hopp, Incorporated, manufactures custom-ordered commemorative beer steins. Its standard cost information follows:StandardUnitCost$ 2.5614.00Direct materials (clay)Direct laborVariable manufa

Material variances: Direct material price variance=Standard price×Actual quantity-Actual materials…

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Barley Hopp, Incorporated, manufactures custom-ordered commemorative beer steins. Its standard cost information follows Standard Unit Cost $2.56 14.00 3.80 2.54 Direct materials (clay) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($297,180 + 117,000 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 View transaction list View journal entry worksheet No A Transaction Standard Quantity 1.6 pounds 2.0 hours 2.0 hours No Transaction Recorded 83,900 159,240 $ 246,822 142,800 Required: 1& 2. Prepare the journal entries to record the direct materials, direct labor and related variances for Barley Hopp. Assume thi company purchases direct materials as needed and does not maintain any ending inventories. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. $ 1,270,920 $299,880 $ 270,000 Standard Price (Rate) $ 1.60 per pound $7.00 per hour $ 1.90 per hour General Journal Debit Credit