Barley Hopp, Inc., manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Standard Price (Rate)...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Barley Hopp, Inc., manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Standard Price (Rate) $ 1.60 per lb. $12.00 per hr. Standard Unit Cost $ 2.40 18.00 $ 1.20 per hr. Direct materials (clay) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($250,000 + 100,000 units) Number of units produced and sold Number of pounds of clay used Cost of clay Standard Quantity 1.50 lbs. 1.50 hrs. Barley Hopp had the following actual results last year: Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost 1.50 hrs.. 110,000 178, 200 $ 267,300 150,000 $2,025,000 $ 200,000 $ 270,000 1.80 2.50 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the direct materials price, quantity, 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 (i.e., zero variance).) Direct Materials Price Variance Direct Materials Quantity Variance Direct Materials Spending Variance 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 (i.e., zero variance).) Variable Overhead Rate Variance Variable Overhead Efficiency Variance Variable Overhead Spending Variance Barley Hopp, Inc., manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Standard Price (Rate) $ 1.60 per lb. $12.00 per hr. Standard Unit Cost $ 2.40 18.00 $ 1.20 per hr. Direct materials (clay) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($250,000 + 100,000 units) Number of units produced and sold Number of pounds of clay used Cost of clay Standard Quantity 1.50 lbs. 1.50 hrs. Barley Hopp had the following actual results last year: Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost 1.50 hrs.. 110,000 178, 200 $ 267,300 150,000 $2,025,000 $ 200,000 $ 270,000 1.80 2.50 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the direct materials price, quantity, 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 (i.e., zero variance).) Direct Materials Price Variance Direct Materials Quantity Variance Direct Materials Spending Variance 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 (i.e., zero variance).) Variable Overhead Rate Variance Variable Overhead Efficiency Variance Variable Overhead Spending Variance
Expert Answer:
Answer rating: 100% (QA)
Answer 1 Direct materials price variance 17820 F 267... View the full answer
Related Book For
Multinational Business Finance
ISBN: 978-0132743464
13th edition
Authors: David K. Eiteman, Arthur I. Stonehill, Michael H. Moffett
Posted Date:
Students also viewed these accounting questions
-
CEO and co-founder Steve Jobs is synonymous with Apple. Fired from Apple in 1985, Jobs founded NeXT Computer, bought the Graphics Group from Lucasfilm and transformed it into Pixar Studios, and then...
-
Why are salespeople so much more likely than other kinds of workers to be paid on a piece rate (i.e., on commission)? What is it about the kind of work they do that makes the high-commission +...
-
Conduct an exercise based on one of Peter Senge's five disciplines for team development.
-
Posting the entries from the sales journal to the accounts receivable subsidiary ledger should be done ______. a). at the end of each month b). on a weekly basis c). on a daily basis d). only at the...
-
Refer to the information for Lata Inc. above. Lata Inc., produces aluminum cans. Production of 12- ounce cans has a standard unit quantity of 4.5 ounces of aluminum per can. During the month of...
-
What is meant by the SE Process Models recursive characteristic?
-
The following MINITAB output presents the results of a hypothesis test for a mean difference. a. Is this a left-tailed test, a right-tailed test, or a two-tailed test? b. Can H0 be rejected at the...
-
Bob Lutz opened a secretarial school called Best Secretarial Training. a. Lutz contributed the following assets to the business: Cash .............$5,700 Computers .......... 4,300 Office Equipment...
-
Let r(t) and s(t) be 3 dimensional vector valued functions defined on I. Suppose that lim r(t) = L and lim s(t) = M. t-a t-a Use the definition of limit of vector valued functions to prove (a)...
-
Roadrunner Bookstore uses the perpetual inventory system. Roadrunner Bookstore is owned by Tina Smith. The company had the following transactions for the month of September. Sep 1 Sep 2 Sep 4 Sep 5...
-
Label each exercise or problem clearly. Use APA formatting and citation if needed. Sand, Mell, and Rand are partners who share incomes and losses in a 1:4:5 ratio. After lengthy disagreements among...
-
1. What Florida Supreme Court case addresses the below two issues? "1) Whether Florida law permits a buyer under a contract for goods to recover economic losses in tort without a claim for personal...
-
Rewrite the sentences using the adverbial phrases for cause and effect: due to, because of, because, as a result, that's why, therefore, consequently, so that, then. Marco sprained his wrist. He...
-
Explain the differences between an employee and an independent contractor. Who an employee"will" Define" Ultra vires" yofreceunejemplo Summarizes title VII of civil rights of 1964 Which one are...
-
What is the process that allows stem cells to both differentiate and self-renew.?
-
Solve the following differential equations by using power series solutions around singular points ???? = 0. solve iii with steps (iii) xy" + (1-x)y' - y = 0. (iv) 9x2y" +9x2y' + 2y = 0.
-
Kansas Corporation, an American company, has a payment of 6.6 million due to Tuscany Corporation one year from today. At the prevailing spot rate of 0.90 /$, this would cost Kansas $7,333,333, but...
-
(a) Water flows through the nozzle of a garden hose. Find an expression for m in terms of line pressure P 1 , ambient pressure P 2 , inside hose diameter D 1 , and nozzle outlet diameter D 2 . Assume...
-
What is the basic difference between a put on British pounds sterling and a call on sterling?
-
What types of risk are present in a diversified portfolio? Which type of risk remains after the portfolio has been diversified?
-
After reading this chapters description of Tridents globalization process, how would you explain the distinctions between international, multinational, and global companies?
-
Using Program14.m(fourth-order Runge-Kutta method), solve Problem 11.18 with \(c=1\). Data From Problem 11.18:- Using the central difference method, find the response of the two-degree-of-freedom...
-
Using Program15.m (central difference method), solve Problem 11.20. Data From Problem 11.20:- The equations of motion of a two-degree-of-freedom system are given by \(2 \ddot{x}_{1}+6 x_{1}-2...
-
Using Program16.m(Houbolt method), solve Problem 11.20. Data From Problem 11.20:- The equations of motion of a two-degree-of-freedom system are given by \(2 \ddot{x}_{1}+6 x_{1}-2 x_{2}=5\) and...
Study smarter with the SolutionInn App