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equired: . Prepare the following variance analyses for both chocolates and the total, based on the actual results and production levels at the en a. Direct materials price variance, direct materials quantity variance, and total variance. b. Direct labor rate variance, direct labor time variance, and total variance. nter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. .. Direct materials price variance Unfavorable Direct materials quantity variance Unfavorable Total direct materials cost variance Unfavorable v

equired: . Prepare the following variance analyses for both chocolates and the total, based on the actual results and production levels at the en a. Direct materials price variance, direct materials quantity variance, and total variance. b. Direct labor rate variance, direct labor time variance, and total variance. nter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. .. Direct materials price variance Unfavorable Direct materials quantity variance Unfavorable Total direct materials cost variance Unfavorable v

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Performance Eval Variances: Refer to the pictures. One has the information and the second has the template. Thank you!

Required: 1. Prepare the following variance analyses for both chocolates and the total, based on the actual results and production levels at the end of the budget year: a. Direct materials price variance, direct materials quantity variance, and total variance. b. Direct labor rate variance, direct labor time variance, and total variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. а. Direct materials price variance Unfavorable Direct materials quantity variance Unfavorable Total direct materials cost variance Unfavorable b. Direct labor rate variance Unfavorable Direct labor time variance Favorable Total direct labor cost variance Unfavorable 00
Transcribed Image Text:Required: 1. Prepare the following variance analyses for both chocolates and the total, based on the actual results and production levels at the end of the budget year: a. Direct materials price variance, direct materials quantity variance, and total variance. b. Direct labor rate variance, direct labor time variance, and total variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. а. Direct materials price variance Unfavorable Direct materials quantity variance Unfavorable Total direct materials cost variance Unfavorable b. Direct labor rate variance Unfavorable Direct labor time variance Favorable Total direct labor cost variance Unfavorable 00
Flexible Budgeting and Variance Analysis I Love My Chocolate Company makes dark chocolate and light chocolate. Both products require cocoa and sugar. The following planning information has been made available: Standard Amount per Case Dark Chocolate Light Chocolate Standard Price per Pound Сосоа 9 Ibs. 6 Ibs. $4.70 Sugar 7 Ibs. 11 Ibs. 0.60 Standard labor time 0.4 hr. 0.5 hr. Dark Chocolate Light Chocolate Planned production 4,300 cases 10,600 cases Standard labor rate $13.00 per hr. $13.00 per hr. I Love My Chocolate Company does not expect there to be any beginning or ending inventories of cocoa or sugar. At the end of the budget year, I Love My Chocolate Company had the following actual results: Dark Chocolate Light Chocolate Actual production (cases) 4,100 11,000 Actual Price per Pound Actual Pounds Purchased and Used Сосоа $4.80 103,400 Sugar 0.55 146,000 Actual Labor Rate Actual Labor Hours Used Dark chocolate $12.50 per hr. 1,490 Light chocolate 13.50 per hr. 5,640 Required: 1. Prepare the following variance analyses for both chocolates and the total, based on the actual results and production levels at the end of the budget year: a. Direct materials price variance, direct materials quantity variance, and total variance. b. Direct labor rate variance, direct labor time variance, and total variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.
Transcribed Image Text:Flexible Budgeting and Variance Analysis I Love My Chocolate Company makes dark chocolate and light chocolate. Both products require cocoa and sugar. The following planning information has been made available: Standard Amount per Case Dark Chocolate Light Chocolate Standard Price per Pound Сосоа 9 Ibs. 6 Ibs. $4.70 Sugar 7 Ibs. 11 Ibs. 0.60 Standard labor time 0.4 hr. 0.5 hr. Dark Chocolate Light Chocolate Planned production 4,300 cases 10,600 cases Standard labor rate $13.00 per hr. $13.00 per hr. I Love My Chocolate Company does not expect there to be any beginning or ending inventories of cocoa or sugar. At the end of the budget year, I Love My Chocolate Company had the following actual results: Dark Chocolate Light Chocolate Actual production (cases) 4,100 11,000 Actual Price per Pound Actual Pounds Purchased and Used Сосоа $4.80 103,400 Sugar 0.55 146,000 Actual Labor Rate Actual Labor Hours Used Dark chocolate $12.50 per hr. 1,490 Light chocolate 13.50 per hr. 5,640 Required: 1. Prepare the following variance analyses for both chocolates and the total, based on the actual results and production levels at the end of the budget year: a. Direct materials price variance, direct materials quantity variance, and total variance. b. Direct labor rate variance, direct labor time variance, and total variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.
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