Standard Quantity Barley Hopp, Inc., manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Standard...
Fantastic news! We've Found the answer you've been seeking!
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/665878cd15fb0_125665878cd0cf66.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/665878cda330e_125665878cd94e19.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/665878ce09d0c_126665878ce0466b.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/665878ce46097_126665878ce3fe50.jpg)
Transcribed Image Text:
Standard Quantity Barley Hopp, Inc., manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Standard Price (Rate) Standard Unit Cost Direct materials (clay) 1.60 lbs. $ 1.70 per lb. Direct labor 1.60 hrs. $14.00 per hr. $ 2.72 22.40 Variable manufacturing overhead (based on direct labor hours) 1.60 hrs. $ 1.20 per hr. 1.92 Fixed manufacturing overhead ($312,500.00 125,000.00 units) 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 130,000 228,200 $ 365,120 $ 175,000 $2,975,000 250,000 $ 330,000 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. Standard Quantity Barley Hopp, Inc., manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Standard Price (Rate) Standard Unit Cost Direct materials (clay) 1.60 lbs. $ 1.70 per lb. Direct labor 1.60 hrs. $14.00 per hr. $ 2.72 22.40 Variable manufacturing overhead (based on direct labor hours) 1.60 hrs. $ 1.20 per hr. 1.92 Fixed manufacturing overhead ($312,500.00 125,000.00 units) 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 130,000 228,200 $ 365,120 $ 175,000 $2,975,000 250,000 $ 330,000 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.
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Consider the following two experiments: the first has outcome X taking on the values 0, 1, and 2 with equal probabilities; the second results in an (independent) outcome Y taking on the value 3 with...
-
Any object, act, or event that serves to transmit cultural meaning is called ____________. (a) a saga (b) a cultural symbol (c) a cultural lag (d) a cultural myth
-
Reconsider the law firm of Exercise 5.1. Assume the prevailing revenues per shopping and medical projects are $ 4000 and $ 5000 per project, respectively, and that out of pocket expenses associated...
-
8.Simplify leaving your answer with positive exponents 5m Sm213 -3 -1/3 m 2/3 n 8n -9
-
Curwen Inc. reported net cash flows from operating activities of$159,200 on its statement of cash flows for a recent year endedDecember 31. The following information was reported in the Cashflows f 2...
-
1. Calculate the cost and scheduling variances for each of the work packages shown. 2. Calculate the cost performance index and schedule performance index for each of the work packages shown. 3. What...
-
What is the expected outcome and justification of the research of ANZ Bank of Australia?
-
At first July 2018 creative Limited acquired 150,000 shares in brokerage Limited at a price of five dollars each. There were brokerage fees of $1000. The closing market price on brokerage Limited...
-
What should be the STP (Segmentation, Targeting, Positioning) based on boat industry in Canada?
-
Find Current ratio Sales Revenue $13,200 Add: Net Income 1,595 Cash $85,700 Total Revenue 13,200 Subtotal 1,595 Store supplies 250 Less: Dividends 1,500 Prepaid Insurance 5,500 Expenses: Retained...
-
On December 31, 2012, Ogallala Associates owned the following securities, held as a long-term investment. The securities are not held for influence or control of the investee. Common Stock Shares...
-
Give a brief synopsis of the ICAS Making Corporate Reports Valuable.
-
Use the EDGAR service (via the SEC website) to identify four European companies listed on the US Stock Exchange. From the Form 20-F identify which items feature in the reconciliation from net income...
-
Describe the four steps in the planning and control cycle.
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App