$1$ & $2.$ 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.

Note: If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.

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

Barley Hopp had the following actual results last year:

Journal entry worksheet

A

Assessment Tool iFrame

Record the entry for direct materials costs and variances.

Note: Enter debits before credits.

Journal entry worksheet

A

B

Record the entry for direct labor costs and variance.

Note: Enter debits before credits.

Fill out the table using these terms:

No Journal Entry Required

Cash or Accounts Payable

Cost of Goods Sold

Direct Labor Efficiency Variance

Direct Labor Rate Variance

Direct Materials Price Variance

Direct Materials Quantity Variance

Fixed Overhead Spending Variance

Fixed Overhead Volume Variance

Raw Materials Inventory

Variable Overhead Efficiency Variance

Variable Overhead Rate Variance