Barley Hopp, Inc., manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Standard Quantity 1.6 lbs. 1.6 hrs. Direct materials (clay) Direct labor variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead (5364,500 - 135, eee units) Standard Price standard (Rate) Unit cost $ 1.79 per lb. $ 2.72 $ 16 per hr 25.60 1.6 hrs. $ 1.2 per hr. 1.92 2.70 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 140, eee 248,200 $397,120 185,000 $3,625,000 $ 270,000 $ 380, ece Required: 1& 2. Calculate the fixed overhead spending vartance and volume variance for Barley Hopp. 3. Calculate the total over- or underapplied fixed manufacturing overhead for Barley Hopp Complete this question by entering your answers in the tabs below. Red 1 and 2 Reg 3 Calculate the fixed overhead spending variance and volume variance for Barley Hopp. (Indicate the effect of each vanance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (.e. zero variance).) 1 Fixed Overhead Spending Varance Fixed Overhead Volume Variance 2 Barley Hopp, Inc., manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Standard Standard Price Standard Quantity (Rate) Unit cost 2.1 lbs. 51.50 per lb. $ 3.15 1.6 hrs. 5 8.ee per hr. 12.30 Direct materials (clay) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($267,120 186,000 units) 1.6 hrs. $ 1.20 per hr. 1.92 2.52 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 102,100 234,410 $328,174 143,360 $1,376,256 $ 258,848 $ 215, eee Required: 1& 2. Prepare the journal entries to record the direct materials, direct labor and related variances for Bartey Hopp. Assume the company purchases direct materials as needed and does not maintain any ending Inventories. (Do not round your intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account fleld.) View transaction list Journal entry worksheet