Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

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


Standard
Quantity Standard Price
(Rate) Standard
Unit Cost
Direct materials (clay) 1.60 lbs. $ 1.70 per lb. $ 2.72
Direct labor 1.60 hrs $12.00 per hr. 19.20
Variable manufacturing overhead
(based on direct labor hours)1.60 hrs $1.10 per hr. 1.76
Fixed manufacturing overhead ($253,000.00 ÷ 115,000.00 units)= 2.20


Barley Hopp had the following actual results last year:


Number of units produced and sold 120,000.00
Number of pounds of clay used 208,200.00
Cost of clay $ 333,120.00
Number of labor hours worked 165,000.00
Direct labor cost $ 2,343,000.00
Variable overhead cost $ 230,000.00
Fixed overhead cost $ 285,000.00


Required:
1. find out 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 and "U" for unfavorable.)

Direct Materials Price Variance= F
Direct Materials Quantity Variance= U
Direct Materials Spending Variance= U


2. find out the direct labor 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 and "U" for unfavorable.)

Direct Labor Rate Variance= U
Direct Labor Efficiency Variance= F
Direct Labor Spending Variance= U

3. find out 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/Overapplied and "U" for unfavorable/underapplied.)

Variable Overhead Rate Variance = U
Variable Overhead Efficiency Variance = F
Variable Overhead Spending Variance = U

 

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M939505

Have any Question? 


Related Questions in Accounting Basics

Accounting systems and assurance assessment internal

Accounting Systems and Assurance Assessment: Internal Control and information quality Accounting students learn how to process, analyse and use accounting information. It is also necessary to learn what contributes to th ...

Accounting questions1 if cash is 2345 in 20x2 and 3671 in

Accounting Questions 1. If Cash is $2,345 in 20X2 and $3,671 in 20X1, what is the percentage of increase or (decrease) from 20X1 to 20X2? A. 56.55%******* B. (56.55%) C. 36.12% D. (36.12%) 2. Gross profit by department a ...

Grana enterprise incgrana enterprise inc gei is a

Grana Enterprise Inc. Grana Enterprise Inc. (GEI) is a manufacturing company with operations in Italy and Serbia. GEI in Italy: In addition to other assets, GEI owns and operates a commercial building in Italy that is ca ...

1 a psychologist studied the number of puzzles subjects

1. A psychologist studied the number of puzzles subjects were able to solve in a five minute period while listening to soothing music. Let X be the number of puzzles completed successfully by a subject. X had the followi ...

What are the effects on equitiesfinancial statement effect

What are the effects on equities? Financial Statement Effect of Equity Securities Presented below is a situation involving equity securities: An equity security, whose fair value is currently less than cost, is classifie ...

Examine the following book-value balance sheet for

Examine the following book-value balance sheet for University Products, Inc. What is the capital structure of the firm on the basis of market values? The preferred stock currently sells for $15 per share and the common s ...

Accounting essayypou must identify a company that has

Accounting essay YPou must identify a company that has implemented "LEAN" or "Lean Six Sigma" technology in their organization. Clearly Identify the fundamental difference between LEAN and Six Sigma. Be certain to includ ...

The following data relate to the operations of shilow

The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31:        Cash $8,000        Accounts receivable $20,000        Inventory $36,000      ...

Preston auto paint company had the temporary free use of an

Preston Auto Paint Company had the temporary free use of an old building and completed the following transactions in September 2010: Sept. 1 The company was organized and received USD 100,000 cash from the issuance of ca ...

Question 1in using the total cost concept of applying the

Question 1 In using the total cost concept of applying the cost-plus approach to product pricing, only profit is covered in the markup. True False Question 2 What is the effect of a stock dividend on the balance sheet? A ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro