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 madeavailable:Standard Amount per CaseDark ChocolateLight ChocolateStandard Price per PoundСосоа9 Ibs.6 Ibs.$4.70Sugar7 Ibs.11 Ibs.0.60Standard labor time0.3 hr.0.4 hr.Dark ChocolateLight ChocolatePlanned production4,100 cases11,400 casesStandard labor rate$16.50 per hr.$16.50 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 ChocolateCompany had the following actual results:Dark ChocolateLight ChocolateActual production (cases)3,90011,900Actual Price per PoundActual Pounds Purchased and UsedСосоа$4.80107,000Sugar0.55154,200Actual Labor RateActual Labor Hours UsedDark chocolate$16.00 per hr.1,060Light chocolate17.00 per hr.4,880

Since you have asked multiple questions we will solve the first question for you,If you want any…

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: Cocoa Sugar Standard labor time Standard Amount per Case Light Chocolate Planned production Standard labor rate Dark Chocolate 9 lbs. 7 lbs. 0.3 hr. Dark Chocolate 6 lbs. 11 lbs. 0.4 hr. Light Chocolate 4,100 cases 11,400 cases $16.50 per hr. $16.50 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: Standard Price per Pound $4.70 0.60

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: Cocoa Sugar Standard labor time Standard Amount per Case Light Chocolate Planned production Standard labor rate Dark Chocolate 9 lbs. 7 lbs. 0.3 hr. Dark Chocolate 6 lbs. 11 lbs. 0.4 hr. Light Chocolate 4,100 cases 11,400 cases $16.50 per hr. $16.50 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: Standard Price per Pound $4.70 0.60

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

a. Name three budget preparation approaches.
dont give answer in image format
The following information is available for Swifty's Chocolates: Actual production 2,550 boxes Budgeted production 3,600 boxes Direct Materials Standard Actual 4 pounds of chocolate per box @ $6.00 per pound 8,900 pounds purchased @ $6.10 per pound 9,400 pounds used (a) Calculate the direct materials price and quantity variances. Direct material price variance Direct material quantity variance $ $
Q. Calculate Price and efficiency variances for direct manufacturing labor for Ellis for April 2017
Calculator Scratch Pad Sportz Co manufactures and sells two types of sports watch: the Raptor X5, which is designed for running and cycling; and the Hydra Z7, which is designed for diving. Sportz Co operates a standard costing system and uses variance analysis to assess sales performance each quarter. Quarter 1 The following information is available for Quarter 1: Raptor X5 Budget Hydra Z7 Budget Actual Sales volume (units) 760 $/unit 260 Actual 880 $/unit 250 760 $/unit 630 $/unit Sales price 325 300 Variable costs 110 105 130 120 40 40 50 Fixed costs Profit 50 110 105 145 130 Quarter 2 During Quarter 2, the sales volume of both the Raptor X5 and the Hydra Z7 were significantly adverse. Fewer units of both products were produced due to a number of unplanned stoppages which were a consequence of breakdowns in manufacturing equipment. Quarter 3 The following variances were calculated for both products: Total sales mix contribution variance $2,025 Favourable $9,675 Adverse Total sales…
Calculating the Direct Labor Mix Variance Mangia Pizza Company makes frozen pizzas that are sold through grocery stores. Mangia uses two types of direct labor: machine operators and packers. Mangia developed the following standard mix for spreading on premade pizza shells to produce 15 giant-size sausage pizzas. Standard Direct Labor Mix Mix Proportion SP Cost Machine operators 0.5 hr. $15 $ 7.50 0.50 Packers 0.5 0.50 12 6.00 Total 1.0 hr. $13.50 Mangia's recent batch (designed to produce 300 pizzas) used 300 direct labor hours. Of the total, 120 were for machine operators, and the remaining 180 hours were for packers. The actual yield was 780 pizzas. Required: Instructions for parts 2 and 3: If a variance is zero, enter "o" and select "Not applicable" from the drop down box. 1. Calculate the standard mix (SM) in hours for machine operators and for packers. Machine operators X hours Packers X hours 2. Calculate the mix variance. x Favorable 3. Calculate the actual proportion of hours…
Problem #8: Standard Costing and Variances Jake’s Cheese Company produces gourmet cheese for resale at local grocery stores. The master budget indicates that the company expects to use 3.0 pounds of direct materials for each unit produced at a cost of $8.00 per pound (one unit = one batch of cheese). Each unit produced will require 0.50 direct labor hours at a cost of $10.00 per hour. Variable manufacturing overhead is applied based on direct labor hours at a rate of $5.00 per hour. Last year's sales were expected to total 50,000 units. Jake just received last year's actual results showing sales of 45,000 units. Required: (1) Calculate the standard cost per unit for direct materials, direct labor, and variable manufacturing overhead. (2) Prepare a flexible budget based on actual sales for direct materials, direct labor, and variable manufacturing overhead.
please don't solve it in excel and please explain how to calculate the sale mix variance
I'm stuck on part B.
Please do not give solution in image format thanku
Sky has set up a jam-making business and is calculating the raw material requirements for the year ahead. Her sales estimates and raw materials usage assumptions are as follows: TABLE 1: Jam sales budget in units (jars) Gooseberry 245,000 Rhubarb Sales units (jars) Opening inventory (jars) 60,000 5,500 30,000 TABLE 2: Jam raw material usage assumptions Gooseberry 0.7kg 0.6kg Rhubarb Fruit per jar Sugar per jar 1.1kg 1.0kg Calculate: (i) The production budget (in quantities) using the opening inventory assumptions in Table 1 above and assuming that closing inventory should be 10% of sales units. (ii) The materials budget (in quantities), identifying how much of each type of raw material is required. (iii) The total raw material purchase budget (in value £ and to the nearest whole £) if gooseberries cost £1.60 per kg; and rhubarb cost £2.25 per kg. Sugar costs £0.21 per kg, jars cost £0.15 each, lids cost £0.02 each and labels (one per jar) cost £0.01 each. (iv) The total cost per jar…
a.Identify the budget preparation approach used