Barley Hopp, Inc., manufactures custom-ordered commemorative beer steins. Its st

Question

Barley Hopp, Inc., manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Standard Standard Price Standard Quantity (Rate) Unit Cost Direct materials (clay) 1.6 lbs. $ 1.70 per lb. S 2.72 Direct labor 1.6 hrs. $ 12 per hr. 19.20 Variable manufacturing overhead 1.6 hrs. $ 1.1 per hr. 1.76 (based on direct labor hours) Fixed manufacturing overhead ($450,000 + 150,000 units) 3.00 Barley Hopp had the following actual results last year: Number of units produced and sold 155,000 Number of pounds of clay used 278,200 Cost of clay $ 445,120 Number of labor hours worked 200,000 Direct labor cost $3,000,000 Variable overhead cost $ 300,000 Fixed overhead cost $ 470,000 Required: Calculate the fixed overhead spending variance for Barley Hopp. (Do not round your intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable.) Fixed Overhead Spending Variance U Calculate the fixed overhead volume variance for Barley Hopp. (Do not round your intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable.) Fixed Overhead Volume Variance Calculate the total over- or underapplied fixed manufacturing overhead for Barley Hopp. (Do not round your intermediate calculations.) Underapplied Fixed overhead

Explanation / Answer

1 Fixed Overhead Spending Variance $20,000 U 2 Fixed Overhead Volume Variance $15,000 F 3 Underapplied Fixed Overead $5,000

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