Reference no: EM131702430
Question - Calculating Direct Material, Direct Labor, Variable Overhead Variances
Barley Hopp, Inc., manufactures custom-ordered commemorative beer steins. Its standard cost information follows:
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Standard
Quantity
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Standard
price (Rate)
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Standard Unit Cost
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Direct materials (clay)
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1.5 lbs.
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$1.60 per lb.
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$2.40
|
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Direct labor
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1.5 hrs.
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$12.00 per hr.
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$18.00
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Var mfg OH (based on direct labor hrs)
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1.5 hrs.
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$1.20 per hr.
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$1.80
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Fix mfg OH ($250,000 / 100,000 units)
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|
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$2.50
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Barley Hopp had the following actual results last year:
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Number of units produced and sold
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110,000 units
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Number of pounds of clay used
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178,200 lbs.
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Cost of clay
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$267,300
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Number of labor hours worked
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150,000 hrs.
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Direct labor cost
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$2,025,000
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Variable overhead cost
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$200,000
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Fixed overhead cost
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$270,000
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Required: Calculate the following for Barley Hopp:
1. Direct materials, price, quantity, and spending variances.
2. Direct labor rate, efficiency, and spending variances.
3. Variable overhead rate, efficiency, and spending variances.
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