FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Barley Hopp, Incorporated, manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Required: 1 & 2. Calculate the fixed overhead spending variance and volume variance for Barley Hopp. 3. Calculate the total over- or underapplied fixed manufacturing overhead for Barley Hopp Please avoid answers in image format thank youarrow_forwardRay Company provided the following excerpts from its Production Department's flexible budget performance report. (Round "rate per hour" answers to 2 decimal places. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Required: Complete the Production Department's Flexible Budget Performance Report. Labor-hours (q) Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory administration Total expense ( ( ($ 7,000 ( ( ( $ 79,650 $ 18,800 q) ) + + + + Ray Company Production Department Flexible Budget Performance Report For the Month Ended August 31 Spending Variances $ 1.40 q) q) q) $ 1.40 q) Actual Results 9,530 $ 159,305 5,010 $ 313,459 2,206 F 1,500 U 0 None Flexible Budget $ 157,245 20,812 4,494 Activity Variances 576 U 0 None Planning Budget 9,050 17,860 4,350arrow_forwardSmith manufactures coffee mugs that it sells to other companies for customizing with their own logos. Smith prepares flexible budgets and uses a standard cost system to control manufacturing costs. The standard unit cost of a coffee mug is based on static budget volume of 59,900 coffee muas per month: Requirements 1. Compute the cost and efficiency variances for direct materials and direct labor. 2. Journalize the purchase and usage of direct materials and the assignment of direct labor, including the related variances. 3. 4. For manufacturing overhead, compute the variable overhead cost and efficiency variances and the fixed overhead cost and volume variances. Journalize the actual manufacturing overhead and the allocated manufacturing overhead. Journalize the movement of all production costs from Work-in-Process Inventory. Journalize the adjusting of the Manufacturing Overhead account. 5. Smith intentionally hired more highly skilled workers during July. How did this decision affect…arrow_forward
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