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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 Cocoa Sugar Standard labor time Actual production (cases) Cocoa Sugar Dark Chocolate Dark chocolate 11 lbs. 9 lbs. 0.4 hr. 4,100 Dark Chocolate Light Chocolate Planned production 4,300 cases Standard labor rate $15.50 per hr. $15.50 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 Price per Pound $4.50 Light Chocolate 0.55 Actual Labor Rate $15.10 per hr. 15.90 per hr. Standard Price per Pound 11,500 8 lbs. 13 lbs. 0.5 hr. 11,100 cases Actual Pounds Purchased and Used Actual Labor Hours Used $4.40 0.60 FILL IN THE BLANK FILL IN THE BLANK 137,800 181,700 Light chocolate 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: 1,490 5,890 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. a. Direct materials price variance FILL IN THE BLANK Direct materials quantity variance Total direct materials cost 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 Cocoa Sugar Standard labor time Actual production (cases) Cocoa Sugar Dark Chocolate Dark chocolate 11 lbs. 9 lbs. 0.4 hr. 4,100 Dark Chocolate Light Chocolate Planned production 4,300 cases Standard labor rate $15.50 per hr. $15.50 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 Price per Pound $4.50 Light Chocolate 0.55 Actual Labor Rate $15.10 per hr. 15.90 per hr. Standard Price per Pound 11,500 8 lbs. 13 lbs. 0.5 hr. 11,100 cases Actual Pounds Purchased and Used Actual Labor Hours Used $4.40 0.60 FILL IN THE BLANK FILL IN THE BLANK 137,800 181,700 Light chocolate 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: 1,490 5,890 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. a. Direct materials price variance FILL IN THE BLANK Direct materials quantity variance Total direct materials cost variance

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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 Cocoa Sugar Standard labor time Planned production Standard labor rate Actual production (cases) Cocoa Sugar Dark chocolate Light chocolate Dark Chocolate a. 11 lbs. 9 lbs. b. 0.4 hr. Dark Chocolate Light Chocolate 4,300 cases $15.50 per hr. $15.50 per hr. I Love My Chocolate Company not expect here to be any beginning or ending budget year, I Love My Chocolate Company had the following actual results: Light Chocolate Dark Chocolate 4,100 Actual Price per Pound $4.50 0.55 Light Chocolate Actual Labor Rate $15.10 per hr. 15.90 per hr. Direct labor rate variance Direct labor time variance Total direct labor cost variance Standard Price per Pound 11,500 8 lbs. 13 lbs. 0.5 hr. 11,100 cases Actual Pounds Purchased and Used Actual Labor Hours Used FILL IN THE BLANK FILL IN THE BLANK FILL IN THE BLANK 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. Direct materials price variance FILL IN THE BLANK Direct materials quantity variance Total direct materials cost variance. FILL IN THE BLANK $4.40 0.60 FILL IN THE BLANK entories 137,800 181,700 1,490 5,890 cocoa or sugar. At the end of the
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 Cocoa Sugar Standard labor time Planned production Standard labor rate Actual production (cases) Cocoa Sugar Dark chocolate Light chocolate Dark Chocolate a. 11 lbs. 9 lbs. b. 0.4 hr. Dark Chocolate Light Chocolate 4,300 cases $15.50 per hr. $15.50 per hr. I Love My Chocolate Company not expect here to be any beginning or ending budget year, I Love My Chocolate Company had the following actual results: Light Chocolate Dark Chocolate 4,100 Actual Price per Pound $4.50 0.55 Light Chocolate Actual Labor Rate $15.10 per hr. 15.90 per hr. Direct labor rate variance Direct labor time variance Total direct labor cost variance Standard Price per Pound 11,500 8 lbs. 13 lbs. 0.5 hr. 11,100 cases Actual Pounds Purchased and Used Actual Labor Hours Used FILL IN THE BLANK FILL IN THE BLANK FILL IN THE BLANK 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. Direct materials price variance FILL IN THE BLANK Direct materials quantity variance Total direct materials cost variance. FILL IN THE BLANK $4.40 0.60 FILL IN THE BLANK entories 137,800 181,700 1,490 5,890 cocoa or sugar. At the end of the
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