2024 – Barley Hopp Inc manufactures custom ordered commemorative beer steins Its standard cost information follows
Barley Hopp, Inc journal entries – 2024
|
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) | 2.1 | lbs. | $ | 1.20 | per lb. | $ | 2.52 |
| Direct labor | 2.2 | hrs. | $ | 11.00 | per hr. | 24.20 | |
| Variable manufacturing overhead (based on direct labor hours) |
2.2 | hrs. | $ | 1.40 | per hr. | 3.08 | |
| Fixed manufacturing overhead ($281,120 ÷ 112,000 units) | 2.51 | ||||||
|
|
|||||||
| Barley Hopp had the following actual results last year: |
| Number of units produced and sold | 106,000 | |
| Number of pounds of clay used | 242,600 | |
| Cost of clay | $ | 266,860 |
| Number of labor hours worked | 213,200 | |
| Direct labor cost | $ | 2,792,920 |
| Variable overhead cost | $ | 405,080 |
| Fixed overhead cost | $ | 250,000 |
|
|
||
| Required: |
| 1., 2., & 3. |
Prepare the journal entry to record the direct materials, direct labor, variable overhead costs and related variances for Barley Hopp. Assume the company purchases raw materials as needed and does not maintain any ending inventories. (If no entry is required for a transaction/event, select “No Journal Entry Required” in the first account field.) |
Need assignment writing services that are 100% risk-free. Our writers are capable of providing the best assignment help to students in globally at best rates.
Assignment online is a team of top-class experts whose only goal is to give you the best assignment help service. Follow the link below to order now...
#write essay #research paper
