Please do not give solution in image format thanku Flexible Budgeting and Variance AnalysisI 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 CaseLightChocolateCocoaSugarStandard labortimePlanned productionStandard labor rateActual production(cases)DarkChocolate10 lbs.8 lbs.Cocoa0.4 hr.5,2007 lbs.12 lbs.Dark ChocolateLight Chocolate5,500 cases10,900 cases$15.00 per hr.$15.00 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 Companyhad the following actual results:Dark ChocolatePound0.5 hr.Actual Price per$4.30Standard Price perPound$4.200.6011,300Light ChocolateActual Pounds Purchasedand Used131,800 CocoaSugarActual Price perb.Pound$4.300.55Actual Labor Rate$14.60 per hr.15.40 per hr.Dark chocolateLight chocolateRequired: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. If there is no variance, enter a zero.a. Direct materials price varianceDirect materials quantity varianceTotal direct materials cost varianceDirect labor rate varianceDirect labor time varianceActual Pounds Purchasedand UsedTotal direct labor cost variance131,800172,800Actual Labor Hours Used000$1,8905,790

Calculation of direct material price and quantity variance and labor rate variance and time variance…

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 Light Chocolate 7 lbs. Cocoa Sugar Standard labor time Dark Chocolate 10 lbs. 8 lbs. Planned production Standard labor rate 0.4 hr. 12 lbs. 0.5 hr. Standard Price per Pound $4.20 0.60 Dark Chocolate Light Chocolate 5,500 cases 10,900 cases $15.00 per hr. $15.00 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

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 Light Chocolate 7 lbs. Cocoa Sugar Standard labor time Dark Chocolate 10 lbs. 8 lbs. Planned production Standard labor rate 0.4 hr. 12 lbs. 0.5 hr. Standard Price per Pound $4.20 0.60 Dark Chocolate Light Chocolate 5,500 cases 10,900 cases $15.00 per hr. $15.00 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

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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