Barley Hopp, Inc., manufactures custom-ordered commemorative beer steins. Its standard cost information follows:

Standard QuantityStandard Price (Rate)Standard Unit CostDirect materials (clay)2.1lbs.$1.50per lb.$3.15Direct labor2.3hrs.$10.00per hr.23.00Variable manufacturing overhead (based on direct labor hours)2.3hrs.$1.40per hr.3.22Fixed manufacturing overhead ($284,480 112,000 units)2.54

Barley Hopp had the following actual results last year:

Number of units produced and sold81,300Number of pounds of clay used190,730Cost of clay$247,949Number of labor hours worked166,990Direct labor cost$2,020,579Variable overhead cost$317,281Fixed overhead cost$240,000

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.(Do not round your intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

17 Barley Hopp, |nc., manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Standard Standard Price Standard Unit 0.55 Quantity (Rate) Cost points Direct materials (clay) 2.1 lbs. 5 1.50 per lb. $ 3.15 Direct labor 2.3 hrs. $ 10.00 per hr. 23.00 Variable manufacturing overhead (based on El direct labor hours) 2.3 hrs. $ 1.40 per hr. 3.22 Fixed manufacturing 930\" overhead ($284,480 + 112,000 units) 2.54 E I Print Barley Hopp had the following actual results last year: References Number of units produced and sold 81,300 Number of pounds of clay used 190,730 Cost. of Clay 5 247,949 Number of labor hours worked 166,990 Direct labor cost $2,020,579 Variable overhead cost 5 317,281 Fixed overhead cost $ 240,000 I 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. (Do not round your intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" in the rst account eld.) View transaction list Journal entry worksheet Record the entry for direct materials costs and variances. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Cost of Goods Sold LLLLLLLLLLLLLL Cash or Accounts Payable Direct Materials Quantity Variance 226,500 Direct Materials Price Variance 218,354 Record entry Clear entry View general journalView transaction list Journal entry worksheet Record the entry for direct labor costs and variance. Note: Enter debits before credits. Cost of Goods Sold Cash orAccounts Payable Direct Labor Rate Variance Direct Labor Efficiency Variance Record entry Clear entry View general journal