23 Nov Barley Hopp, Inc., manufactures custom-ordered com
Barley Hopp, Inc., manufactures custom-ordered commemorative beer steins. Its standard cost information follows:StandardQuantityStandard Price(Rate)StandardUnit Cost Direct materials (clay)2.1 lbs.$1.20 per lb. $2.52 Direct labor2.2 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)2.51Barley Hopp had the following actual results last year: Number of units produced and sold106,000 Number of pounds of clay used242,600 Cost of clay$266,860 Number of labor hours worked213,200 Direct labor cost$2,792,920 Variable overhead cost$405,080 Fixed overhead cost$250,000Required: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.)
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