Barley Hopp, Incorporated, manufactures custom-ordered commemorative beer steins. Its standard cost information follows:StandardUnitCost$ 1.7613.80Direct materials (clay)Direct laborVariable manufacturing overhead (based ondirect labor hours)Fixed manufacturing overhead ($256,020 ÷102,000 units)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 listJournal entry worksheetAStandard Quantity1.6 pounds2.3 hoursB2.3 hours98, 200177, 120$177,120Required:1 & 2. Prepare the journal entries to record the direct materials, direct labor and related variances for Barley Hopp. Assume thecompany purchases direct materials as needed and does not maintain any ending inventories.Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.Record the entry for direct materials costs and variances.205,860$ 1,543,950$ 452,892$ 290,000Standard Price (Rate)$ 1.10 per pound$6.00 per hour$ 1.70 per hour3.912.51

Name: Barley Hopp, Incorporated, manufactures custom-ordered commemorative
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Description: Barley Hopp, Incorporated, manufactures custom-ordered commemorative beer steins. Its standard cost information follows:StandardUnitCost$ 1.7613.80Direct materials (clay)Direct laborVariable manufacturing overhead (based ondirect labor hours)Fixed m

1)Cost of Goods Sold (98,200 units * $1.76 per unit)$172,832Direct Material Quantity Variance…

Business

Accounting

Required: 1 & 2. Prepare the journal entries to record the direct materials, direct labor and related variances for Barley Hopp. Assume the 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.

Required: 1 & 2. Prepare the journal entries to record the direct materials, direct labor and related variances for Barley Hopp. Assume the 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.

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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