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. $4.80 Sugar 7 Ibs. 11 Ibs. 0.60 Standard labor time 0.3 hr. 0.4 hr. Dark Chocolate Light Chocolate Planned production 5,300 cases 10,900 cases Standard labor rate $16.00 per hr. $16.00 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) 5,000 11,300 Actual Price per Pound Actual Pounds Purchased and Used Сосоа $4.90 113,400 Sugar 0.55 155,300 Actual Labor Rate Actual Labor Hours Used Dark chocolate $15.50 per hr. 1,370 Light chocolate 16.50 per hr. 4,630

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. $4.80 Sugar 7 Ibs. 11 Ibs. 0.60 Standard labor time 0.3 hr. 0.4 hr. Dark Chocolate Light Chocolate Planned production 5,300 cases 10,900 cases Standard labor rate $16.00 per hr. $16.00 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) 5,000 11,300 Actual Price per Pound Actual Pounds Purchased and Used Сосоа $4.90 113,400 Sugar 0.55 155,300 Actual Labor Rate Actual Labor Hours Used Dark chocolate $15.50 per hr. 1,370 Light chocolate 16.50 per hr. 4,630

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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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 Dark Chocolate Light Chocolate Standard Price per Pound 9 lb. 6 lb. 7 lb. 11 lb. $5.2 0.6 Sugar Standard labor 0.4 hr. 0.5 hr. time Planned production Standard labor rate Dark Chocolate Light Chocolate 4,200 cases $16.5 per hr. 10,000 cases $16.5 per hr. I Love My Chocolate 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 Actual production (cases) Light Chocolate 10,400 Actual Pounds Purchased and Used 4,000 Actual Price per Pound Cocoa Sugar $5.3 0.55 98,900 138,800 Actual Labor Rate Actual Labor Hours Used Dark chocolate $16.2 per hr. 16.8 per hr. 1,460 5,330 Light chocolate Required: Prepare the following variance analyses for both chocolates and…
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Standard Amount per Case Dark Chocolate Light Chocolate Standard Price per Pound Cocoa 12 lbs. 8 lbs. $7.25 Sugar 10 lbs. 14 lbs. 1.40 Standard labor time 0.50 hr. 0.60 hr. Dark Chocolate Light Chocolate Planned production 4,700 cases 11,000 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 production (cases) 5,000 10,000 Actual Price per Pound Actual Pounds Purchased and Used Cocoa $7.33 140,300 Sugar 1.35 188,000 Actual Labor Rate Actual Labor Hours Used Dark chocolate $15.25 per hr. 2,360 Light chocolate 15.80 per hr. 6,120 this is all the information i have and i need help calulating the direct labor time variance
Standard Direct Materials Cost per Unit Roanoke Company produces chocolate bars. The primary materials used in producing chocolate bars are cocoa, sugar, and milk. The standard costs for a batch of chocolate (1,730 bars) are as follows: Ingredient Quantity Price Cocoa 570 lbs. $0.30 per lb. Sugar 180 lbs. $0.60 per lb. Milk 150 gal. $1.60 per gal. Determine the standard direct materials cost per bar of chocolate. If required, round to the nearest cent.
Q.What is the budgeted cost of direct materials for the 100 batches?
Standard Direct Materials Cost per Unit Crazy Delicious Inc. produces chocolate bars. The primary materials used in producing chocolate bars are cocoa, sugar, and milk. The standard costs for a batch of chocolate (2,800 bars) are as follows: Ingredient Quantity Price Cocoa 540 lbs. $0.30 per lb. Sugar 150 lbs. $0.60 per lb. Milk 120 gal. $1.40 per gal. Determine the standard direct materials cost per bar of chocolate. If required, round to the nearest cent.$per bar
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nprogress=false Print Item Sunrise Poles manufactures hiking poles and is planning on producing 3,800 units in March and 3,700 units in April. Each pole requires a half pound of material, which costs $1.00 per pound. The company's policy is to have enough material on hand to equal 10% of the next month's production needs and to maintain a finished goods inventory equal to 25% of the next month's production needs. What is the budgeted cost of purchases for March? Budgeted cost of purchases $ Previous Nex
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