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- 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. mter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. irect materials price variance rect materials quantity variance stal direct materials cost variance irect labor rate variance irect labor time variance tal direct labor cost variance 000 Unfavorable Unfavorable Unfavorable Unfavorable Unfavorable Unfavorable

- 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. mter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. irect materials price variance rect materials quantity variance stal direct materials cost variance irect labor rate variance irect labor time variance tal direct labor cost variance 000 Unfavorable Unfavorable Unfavorable Unfavorable Unfavorable Unfavorable

FINANCIAL ACCOUNTING
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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Flex Budgeting and Variance Analysis Sharon's Delights Chocolate Company makes dark chocolate and light chocolate. Both products require cocoa and sugar. The following planning information has been made available Standard Amount Standard Amount per Case per Case Light Chocolate Dark Chocolate COCOR Sugar Standard labor time Planned production Standard labor rate Actual production (cases) Cocoa Sugar 9 lbs. 7 lbs 0.4 h Actual Price per Pound $5.50 0.55 Dark Chocolate 3,800 cases $16.00 per hr Sharon's Delights Chocolate Company does not expect there to be any beginning or ending inventaries of cocoa e results: Dark Chocolate 3,600 60 0.5h Light Chocolate 13,300 cases $16.00 per h Light Chocolate 13,800 115,800 172,600 Actual Quantity Purchased and Used Standard Price per Pound $5.40 0.60 of the budget year, Sharon's Delights Chocolate Company had the following actual
Transcribed Image Text:Flex Budgeting and Variance Analysis Sharon's Delights Chocolate Company makes dark chocolate and light chocolate. Both products require cocoa and sugar. The following planning information has been made available Standard Amount Standard Amount per Case per Case Light Chocolate Dark Chocolate COCOR Sugar Standard labor time Planned production Standard labor rate Actual production (cases) Cocoa Sugar 9 lbs. 7 lbs 0.4 h Actual Price per Pound $5.50 0.55 Dark Chocolate 3,800 cases $16.00 per hr Sharon's Delights Chocolate Company does not expect there to be any beginning or ending inventaries of cocoa e results: Dark Chocolate 3,600 60 0.5h Light Chocolate 13,300 cases $16.00 per h Light Chocolate 13,800 115,800 172,600 Actual Quantity Purchased and Used Standard Price per Pound $5.40 0.60 of the budget year, Sharon's Delights Chocolate Company had the following actual
Cocoa Sugar Actual Price per Pound Actual Quantity Purchased and Used $5.50 0.55 a. Actual Labor Rate $15.50 per hr. 16.50 per hr. Dark chocolate Light chocolate 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. Direct materials price variance Direct materials quantity variance Total direct materials cost variance b. 115,800 172,600 Direct labor rate variance Direct labor time variance Total direct labor cost variance Actual Labor Hours Used 1,310 7,070 Unfavorable Unfavorable Unfavorable Unfavorable Unfavorable Unfavorable
Transcribed Image Text:Cocoa Sugar Actual Price per Pound Actual Quantity Purchased and Used $5.50 0.55 a. Actual Labor Rate $15.50 per hr. 16.50 per hr. Dark chocolate Light chocolate 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. Direct materials price variance Direct materials quantity variance Total direct materials cost variance b. 115,800 172,600 Direct labor rate variance Direct labor time variance Total direct labor cost variance Actual Labor Hours Used 1,310 7,070 Unfavorable Unfavorable Unfavorable Unfavorable Unfavorable Unfavorable
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