Can I get some help with this practice question please this is all the information I recieved regarding the question. Light chocolateRequired:Prepare the following variance analyses for both chocolates and 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 aa.b.Direct materials price varianceDirect materials quantity varianceTotal direct materials cost varianceDirect labor rate varianceDirect labor time variance16 per hr.Total direct labor cost variance2. The variance analyses should be based on thetheminus sign and an unfavorable variance as a positive number. If there is no variance, enter a zero.0006,100amounts atvolumes. The budget must flex with the volume changes. Ifvolume is different from the planned volume, as it was in this case, then the budget used for performance evaluation should reflect the changeproduction. In this way, spending from volume changes can be separated fromin direct materials and direct labor that will be required for theefficiency and price variances. 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:CocoaSugarStandard labortimePlanned productionStandard labor rateActual production (cases)CocoaSugarStandard Amount per CaseLightChocolateDarkChocolate11 lb.Dark chocolate9 lb.0.4 hr.8 lb.13 lb.Light Chocolate5,100 cases$15.5 per hr.11,400 cases$15.5 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 hadthe following actual results:0.5 hr.Dark ChocolateDark Chocolate4,800Actual Price per Pound$4.60.55Actual Labor RateStandard Price perPound$15 per hr.$4.50.6Light Chocolate11,900Actual Pounds Purchased and Used148,700193,000Actual Labor Hours Used1,750

Name: Can I get some help with this practice question please this is all the
Uploaded: 2024-03-20T06:33:06.000Z
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Description: Can I get some help with this practice question please this is all the information I recieved regarding the question. Light chocolateRequired:Prepare the following variance analyses for both chocolates and total, based on the actual results and produ