Barley Hopp, Inc., manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Standard Quantity 1.5 lbs. 1.5 hrs. Standard Price Standard Unit (Rate) Cost $ 1.60 per lb. $ 2.40 $ 12.00 per hr. 18.00 Direct materials (clay) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($250,000 : 100,000 units) 1.5 hrs. $ 1.20 per hr. 1.80 2.50 Barley Hopp had the following actual results last year: Number of units produced and sold Number of pounds of clay used Cost of clay Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost 110,000 178, 200 $ 267,300 150,000 $2,025,000 $ 200,000 $ 270,000 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. (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. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) X Answer is not complete. No Transaction General Journal Debit Credit 1 1 Cost of Goods Sold 264,000 21,120 Direct Materials Quantity Variance Cash or Accounts Payable 267,300 Direct Materials Price Variance 17,820 2 2 Direct Labor Rate Variance 225,000 Cost of Goods Sold 180,000 Direct Labor Efficiency Variance Cash or Accounts Payable