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)CocoaSugarDarkChocolate12 lbs.10 lbs.Dark chocolateLight chocolate0.3 hr.Dark Chocolate5,500 cases$15.00 per hr.Dark ChocolateI 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:5,2009 lbs.14 lbs.PoundActual Price per$4.700.550.4 hr.Actual Labor Rate$14.70 per hr.15.30 per hr.Standard Price perPound$4.600.60Light Chocolate11,700 cases$15.00 per hr.Light Chocolate12,200Actual Pounds Purchasedand Used173,100217,200Actual Labor Hours Used1,4205,000 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. If there is no variance, enter a zero.Unfavorablea.b.Direct materials price varianceDirect materials quantity varianceTotal direct materials cost varianceDirect labor rate varianceDirect labor time varianceTotal direct labor cost variance$$UnfavorableUnfavorableUnfavorableFavorableUnfavorable✔amounts at actual2. The variance analyses should be based on the standardvolumes. The budget must flex with the volume changes. If theactual✔volume is different from the planned volume, as it was in this case, then the budget used for performance evaluation should reflect the change in direct✔production. In this way, spending from volume changes can be separated from efficiency and pricematerials and direct labor that will be required for the actualvariances.

Name: Please do not give solution in image format thanku Flexible Budgeting
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Description: 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 a

Standard costing in simple terms can be defined as a system in which the standard costs and revenues…

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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 availabl Standard Amount per Case Light Chocolate 9 lbs. Cocoa Sugar Standard labor time Planned production Standard labor rate Actual production (cases) Cocoa Sugar Dark Chocolate Dark chocolate Light shocolate 12 lbs. 10 lbs. 0.3 hr. Dark Chocolate 5,500 cases $15.00 per hr. Dark Chocolate 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 Compa had the following actual results: 5,200 14 lbs. 0.4 hr. Actual Price per Pound $4.70 0.55 16 Actual Labor Rate $14.70 per hr. Standard Price per Pound $4.60 0.60 Light Chocolate 11,700 cases $15.00 per hr. Light Chocolate 12,200 Actual Pounds Purchased and Used 173,100 217,200 Actual Labor Hours Used 1,420 5.000

I Love My Chocolate Company makes dark chocolate and light chocolate. Both products require cocoa and sugar. The following planning information has been made availabl Standard Amount per Case Light Chocolate 9 lbs. Cocoa Sugar Standard labor time Planned production Standard labor rate Actual production (cases) Cocoa Sugar Dark Chocolate Dark chocolate Light shocolate 12 lbs. 10 lbs. 0.3 hr. Dark Chocolate 5,500 cases $15.00 per hr. Dark Chocolate 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 Compa had the following actual results: 5,200 14 lbs. 0.4 hr. Actual Price per Pound $4.70 0.55 16 Actual Labor Rate $14.70 per hr. Standard Price per Pound $4.60 0.60 Light Chocolate 11,700 cases $15.00 per hr. Light Chocolate 12,200 Actual Pounds Purchased and Used 173,100 217,200 Actual Labor Hours Used 1,420 5.000

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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