Barley Hopp, Incorporated, manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Standard Unit Standard Quantity Standard Price (Rate) Direct materials (clay) Direct labor 1.5 pounds 1.5 hours $ 1.60 per pound $ 12.00 per hour Cost $ 2.40 18.00 Variable manufacturing overhead (based on direct labor hours) 1.5 hours $ 1.20 per hour 1.80 Fixed manufacturing overhead ($250,000 ÷ 100,000 units) 2.50 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: 110,000 178,200 $ 267,300 150,000 $ 2,025,000 $ 200,000 $ 270,000 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. Complete this question by entering your answers in the tabs below. 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).
Barley Hopp, Incorporated, manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Standard Unit Standard Quantity Standard Price (Rate) Direct materials (clay) Direct labor 1.5 pounds 1.5 hours $ 1.60 per pound $ 12.00 per hour Cost $ 2.40 18.00 Variable manufacturing overhead (based on direct labor hours) 1.5 hours $ 1.20 per hour 1.80 Fixed manufacturing overhead ($250,000 ÷ 100,000 units) 2.50 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: 110,000 178,200 $ 267,300 150,000 $ 2,025,000 $ 200,000 $ 270,000 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. Complete this question by entering your answers in the tabs below. 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).
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Barley Hopp, Incorporated, manufactures custom-ordered commemorative beer steins. Its standard cost information follows:
Standard
Unit
Standard Quantity
Standard Price (Rate)
Direct materials (clay)
Direct labor
1.5 pounds
1.5 hours
$ 1.60 per pound
$ 12.00 per hour
Cost
$ 2.40
18.00
Variable manufacturing overhead (based on
direct labor hours)
1.5 hours
$ 1.20 per hour
1.80
Fixed manufacturing overhead ($250,000 ÷
100,000 units)
2.50
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:
110,000
178,200
$ 267,300
150,000
$ 2,025,000
$ 200,000
$ 270,000
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.
Complete this question by entering your answers in the tabs below.
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).
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