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 PoundCocoa12 Ibs.8 Ibs.$7.25Sugar10 Ibs.14 Ibs.1.40Standard labor time0.50 hr.0.60 hr.Dark ChocolateLight ChocolatePlanned production4,700 cases11,000 casesStandard labor rate$15.50 per hr.$15.50 per hr.1 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)5,00010,000Actual Price per PoundActual Pounds Purchased and UsedCocoa$7.33140,300Sugar1.35188,000Actual Labor RateActual Labor Hours UsedDark chocolate$15.25 per hr.2,360Light chocolate15.80 per hr.6,120Required: 6,120Required:1. Prepare the folowing variance analyses for both chocolates and the total, based on the actual results and production levels at the end of the budget year. Enter afavorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.a. Direct materials price variance, direct materials quantity variance, and total variance.b. Direct labor rate variance, direct labor time varlance, and total variance.a.Direct materiais price varianceUnfavorableDirect materials quantity varianceFavorableTotal direct materials cost variance11,224 XUnfavorableb.Direct labor rate varianceUnfavorableDirect labor time varianceFavorableTotal direct labor cost varianceUnfavorable2. The variance analyses should be based on the standardV amounts at actualV volumes, The budget must flex with the volume changes. If the* 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 directV production. In this way, spending from volume changes can be separated from efficiency andactualmaterials and direct labor that will be required for the actualprice variances.Feeditack

Standard costing is a costing method that measures performance by comparing the actual cost with…

Love My Chocolate Company makes dark chocolate and light chocolate. Both products require cocoa and sugar. The following planning information has been mad available: Standard Amount per Case Dark Chocolate Light Chocolate Standard Price per Pound Cocoa 12 Ibs. 8 Ibs. $7.25 Sugar 10 ibs. 14 Ibs. 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. 1 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 Requiredi

Love My Chocolate Company makes dark chocolate and light chocolate. Both products require cocoa and sugar. The following planning information has been mad available: Standard Amount per Case Dark Chocolate Light Chocolate Standard Price per Pound Cocoa 12 Ibs. 8 Ibs. $7.25 Sugar 10 ibs. 14 Ibs. 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. 1 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 Requiredi

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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