Barley Hopp, Inc., manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Standard Price (Rate)...
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Barley Hopp, Inc., manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Standard Price (Rate) Standard Quantity 1.70 lbs. 1.70 hrs. Standard Unit Cost $ 3.06 20.40 Direct materials (clay) $ 1.80 per lb. $12.00 per hr. Direct labor Variable manufacturing overhead (based on direct labor hours) 1.70 hrs. $ 1.10 per hr. 1.87 Fixed manufacturing overhead ($425,500.00 ÷ 185,000.00 units) 2.30 Barley Hopp had the following actual results last year: 190,000 Number of units produced and sold Number of pounds of clay used 348,200 Cost of clay $ 661,580 235,000 Number of labor hours worked Direct labor cost $3,901,000 Variable overhead cost $ 370,000 Fixed overhead cost $ 415,000 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. Barley Hopp, Inc., manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Standard Price (Rate) Standard Quantity 1.70 lbs. 1.70 hrs. Standard Unit Cost $ 3.06 20.40 Direct materials (clay) $ 1.80 per lb. $12.00 per hr. Direct labor Variable manufacturing overhead (based on direct labor hours) 1.70 hrs. $ 1.10 per hr. 1.87 Fixed manufacturing overhead ($425,500.00 ÷ 185,000.00 units) 2.30 Barley Hopp had the following actual results last year: 190,000 Number of units produced and sold Number of pounds of clay used 348,200 Cost of clay $ 661,580 235,000 Number of labor hours worked Direct labor cost $3,901,000 Variable overhead cost $ 370,000 Fixed overhead cost $ 415,000 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.
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1 Direct material price variance SPAPAQ 18348200661580 34... View the full answer
Related Book For
Managerial Accounting
ISBN: 978-0078025518
2nd edition
Authors: Stacey Whitecotton, Robert Libby, Fred Phillips
Posted Date:
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