Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Barley Hopp, Inc., manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Direct materials (clay) Direct labor Variable manufacturing overhead (based on direct labor

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Barley Hopp, Inc., manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Direct materials (clay) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($ 356,500.00 + 155,000.00 units) Standard Standard Price Standard Quantity (Rate) Unit Cost 1.70 lbs. $ 1.80 per lb. $ 3.06 1.70 hrs. $13.00 per hr. 22.10 1.70 hrs. $ 1.40 per hr. 2.38 2.30 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 160,000 288, 200 $ 547,580 205,000 $3,587,500 $ 310,000 $ 350,000 Required: 1. Calculate the direct materials price, quantity, and total spending variances for Barley Hopp. 2. Calculate the direct labor rate, efficiency, and total spending variances for Barley Hopp. 3. Calculate the variable overhead rate, efficiency, and total spending variances for Barley Hopp. References Required 1 Required 2 Required 3 Calculate the variable overhead rate, efficiency, and total spending variances for Barley Hopp. (Do not round your Intermediate calculations. Indicate the effect of each variance by selecting 'F* for favorable, "U" for unfavorable, and "None" for no effect (.e., zero variance).) Variable Overhead Rate Variance Variable Overhead Efficiency Variance Variable Overhead Spending Variance Required 2 Home References Required 1 Required 2 Required 3 Calculate the direct labor rate, efficiency, and total spending variances for Barley Hopp. (Do not round your intermediate calculations. Indicate the effect of each variance by selecting 'F' for favorable, "U" for unfavorable, and "None" for no effect (1.e., zero variance).) Direct Labor Rate Variance Direct Labor Money Variance Direct Labor Spending Variance References Required 1 Required 2 Required 3 Calculate the direct materials price, quantity, and total spending variances for Barley Hopp. (Od not round your intermediate calculations. Indicate the effect of each variance by selecting "" for favorable, "Ufor unfavorable, and "None' for no effect (1.c, zero variance).) Direct Materials Price Variance Direct Materiale Quantity Variance Direct Materials Spending Variance Required 2 >

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Public Sector Accounting And Budgeting For Non-Specialists

Authors: G. Jan Van Helden, Ron Hodges

1st Edition

1137376988, 9781137376985

More Books

Students also viewed these Accounting questions

Question

Explain how the four stages of goal-setting assist goal attainment.

Answered: 1 week ago

Question

Describe Hobbess position on epistemology.

Answered: 1 week ago

Question

What are the factors affecting organisation structure?

Answered: 1 week ago

Question

What are the features of Management?

Answered: 1 week ago

Question

Briefly explain the advantages of 'Management by Objectives'

Answered: 1 week ago

Question

=+3. Which factors do influence the procurement management?

Answered: 1 week ago

Question

=+1. Describe the product range in the press sector!

Answered: 1 week ago