Barley Hopp, Incorporated, manufactures custom-ordered commemorative beer steins. its standard Direct materials (clay) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($338,000.00+ 130,000.00 units) 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 Standard Quantity 1.70 pounds 1.70 hours 1.70 hours 135,000 238,200 $ 404,940 150,000 $ 3,510,000 $ 260,000 $ 350,000 Standard Price (Rate), $1.00 per pound $15.00 per hour $1.10 per hour 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 Standard Unit Cost $3.00 25.50 1.87 2.66

Barley Hopp, Incorporated, manufactures custom-ordered commemorative beer steins. its standard Direct materials (clay) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($338,000.00+ 130,000.00 units) 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 Standard Quantity 1.70 pounds 1.70 hours 1.70 hours 135,000 238,200 $ 404,940 150,000 $ 3,510,000 $ 260,000 $ 350,000 Standard Price (Rate), $1.00 per pound $15.00 per hour $1.10 per hour 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 Standard Unit Cost $3.00 25.50 1.87 2.66

Name: Dog Barley Hopp, Incorporated, manufactures custom-ordered commemorati
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Description: Dog Barley Hopp, Incorporated, manufactures custom-ordered commemorative beer steins. Its standard cost information follows:StandardUnitCost$ 3.0625,501.872.60Direct materials (clay)Direct laborVariable manufacturing overhead (based on directlabor ho

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 2PB: The following product costs are available for Kellee Company on the production of eyeglass frames:...

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Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 2.70 is direct materials and 5.30 is overhead. What is the prime cost per unit? Conversion cost per unit?
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