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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

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

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, Incorporated, manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Standard Unit Cost $ 3.06 25,50 1.87 2.60 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). $ 1.80 per pound $15.00 per hour 5 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
Transcribed Image Text:Barley Hopp, Incorporated, manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Standard Unit Cost $ 3.06 25,50 1.87 2.60 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). $ 1.80 per pound $15.00 per hour 5 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
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