Barley Hopp, Incorporated, manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Standard Unit Standard...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Barley Hopp, Incorporated, manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Standard Unit Standard Quantity Standard Price (Rate) Direct materials (clay) Direct labor 1.70 pounds $ 1.80 per pound Cost $ 3.06 1.70 hours $ 15.00 per hour 25.50 Variable manufacturing overhead (based on direct labor hours) 1.70 hours $ 1.10 per hour 1.87 Fixed manufacturing overhead ($338,000.00 + 130,000.00 units) 2.60 Barley Hopp had the following actual results last year: Number of units produced and sold Number of pounds of clay purchased and used Cost of clay Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost Required: 135,000 238,200 $ 404,940 180,000 $ 3,510,000 $ 260,000 $ 350,000 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 m Required 3 Calculate the direct materials price, quantity, and total spending variances for Barley Hopp. Note: Do not round your intermediate calculations. Enter the dollar value of the variance as an absolute value (positive number) and then use the drop-down menu to 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 > Show less A Barley Hopp, Incorporated, manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Standard Unit Standard Quantity Standard Price (Rate) Direct materials (clay) Direct labor 1.70 pounds $ 1.80 per pound Cost $ 3.06 1.70 hours $ 15.00 per hour 25.50 Variable manufacturing overhead (based on direct labor hours) 1.70 hours $ 1.10 per hour 1.87 Fixed manufacturing overhead ($338,000.00 + 130,000.00 units) 2.60 Barley Hopp had the following actual results last year: Number of units produced and sold Number of pounds of clay purchased and used Cost of clay Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost Required: 135,000 238,200 $ 404,940 180,000 $ 3,510,000 $ 260,000 $ 350,000 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 m Required 3 Calculate the direct materials price, quantity, and total spending variances for Barley Hopp. Note: Do not round your intermediate calculations. Enter the dollar value of the variance as an absolute value (positive number) and then use the drop-down menu to 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 > Show less A
Expert Answer:
Answer rating: 100% (QA)
Lets calculate each of the variances 1 Direct Materials Price Variance textDirect Materials Price Va... View the full answer
Posted Date:
Students also viewed these accounting questions
-
Factor completely. 3(r + 5) - 11(r + 5) 4
-
The Bee Line Caf is well known for its popular homemade ice cream, which it makes in a small plant in back of the cafe. People drive long distances to buy the ice cream. The two ladies who own the...
-
Use the summary statistics in Exercise 11 to test the null hypothesis H0: 1 = 0 versus H1: 1 0. Use the = 0.01 level of significance.
-
Examine and compare one of the following product sets. Base your comparison on such factors as features, costs, convenience, ease of use, and value. a. GPS versus maps. b. Cell phones versus...
-
Compare Cleveland Clinic's financial ratios for the most recent three years against the national norma and include analytical comments and how the organization compares to the national norms as well...
-
During a Stage 1 audit, the OHS Manager asks that the audit includes coverage of new work operations in a nearby faclity they have expanded into since the application was made. Which two of the...
-
Consider the welding situation of the previous problem. This time let's consider the case where we have convective heat transfer from the rod's surface. For a rod of radius, \(r_{o}\), and a heat...
-
Why dont we measure national output by simply counting the total number of goods and services produced each year?
-
As a biochemical engineer you are evaluating a drug delivery system for an artificial protein to combat Alzheimer's. The protein is very large (200,000 molecular weight) and bulky and is sensitive to...
-
If the ellipse: \[a\left(x^{2}-y^{2} ight)+2 b x y-\frac{1}{2} \omega_{o}\left(x^{2}+y^{2} ight)+c=0\] is full of liquid and is rotated about the origin with an angular velocity, \(\omega_{o}\), the...
-
In Smoluchowski's Theory of Coagulation we focus on an individual sphere and assume that other like particles diffuse toward it. Once they reach the sphere, they collide and form a new spherical...
Study smarter with the SolutionInn App