Barley Hopp, Inc., manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Standard Standard Price Standard Direct materials (clay) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($239,940 93,000 units) Quantity 1.3 lbs. (Rate) $1.90 per lb. Unit Cost $ 2.47 1.8 hrs. $8.00 per hr. 14.40 1.8 hrs. $ 1.30 per hr. 2.34 2.58 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 112,600 170,000 $314,500 162,600 $ 587,600 $ 182,600 $315,000 Required: Prepare the journal entry to record Barley Hopp's fixed manufacturing overhead costs and related variances for last year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No Transaction General Journal 1 1 Cost of Goods Sold Fixed Overhead Spending Variance Fixed Overhead Volume Variance Cash or Accounts Payable Debit Credit 75,060 50,568