Barley Hopp, Incorporated, manufactures custom-ordered commemorative beer steins. its standard Direct materials (clay) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($338,000.00+ 130,000.00 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 Standard Quantity 1.70 pounds 1.70 hours 1.70 hours 135,000 238,200 $ 404,940 150,000 $ 3,510,000 $ 260,000 $ 350,000 Standard Price (Rate), $1.00 per pound $15.00 per hour $1.10 per hour 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 Standard Unit Cost $3.00 25.50 1.87 2.66

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Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance. 

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.