Sharon's Delights Chocolate Company makes dark chocolate and light chocolate. Bothproducts require cocoa and sugar. The following planning information has been madeavailable:CocoaSugarStandard labor timePlanned productionStandard labor rateActual production (cases)CocoaSugarDark chocolateLight chocolateActual Price per Pound$4.901.24Required:a.Dark Chocolate4,000 cases$15.50 per hr.Standard Amount Standard Amountper Caseper CaseDark ChocolateLight ChocolateSharon's Delights Chocolate Company does not expect there to be any beginning orending inventories of cocoa or sugar. At the end of the budget year, Sharon's DelightsChocolate Company had the following actual results:Dark ChocolateLight Chocolate4,500Actual Labor Rate$15.25 per hr.15.80 per hr.8 lbs.5 lbs.0.50 hr.Direct materials price varianceDirect materials quantity varianceTotal direct materials cost varianceb.Direct labor rate varianceDirect labor time varianceTotal direct labor cost variance$Actual Quantity Purchased and Used$$1. Prepare the following variance analyses for both chocolates and the total, based onthe actual results and production levels at the end of the budget year. Enter a favorablevariance as a negative number using a minus sign and an unfavorable variance as apositive number.a. Direct materials price variance, direct materials quantity variance, and totalvariance.b. Direct labor rate variance, direct labor time variance, and total variance.$6 lbs.Light Chocolate7,500 cases$15.50 per hr.85,00053,000$4 lbs.0.60 hr.$0008,000Actual Labor Hours Used2,2004,4004,220 X60 XStandard Priceper Pound$4.751.20Unfavorable ✔Unfavorable ✔Unfavorable ✔Unfavorable ✓Favorable ✓Favorable ✓

Name: Sharon's Delights Chocolate Company makes dark chocolate and light ch
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Sharon's Delights Chocolate Company makes dark chocolate and light chocolate. Bothproducts require cocoa and sugar. The following planning information has been madeavailable:CocoaSugarStandard labor timePlanned productionStandard labor rateActual pr

Lets understand the basics. Variance analysis It helps to estimate deviations of actual behavior…

Business

Accounting

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: Cocoa Sugar Standard labor time Standard Amount Standard Amount per Case Dark Chocolate 8 lbs. 5 lbs. 0.50 hr. per Case Light Chocolate 6 lbs. 4 lbs. 0.60 hr. Standard Price per Pound $4.75 1.20

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: Cocoa Sugar Standard labor time Standard Amount Standard Amount per Case Dark Chocolate 8 lbs. 5 lbs. 0.50 hr. per Case Light Chocolate 6 lbs. 4 lbs. 0.60 hr. Standard Price per Pound $4.75 1.20

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

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
Shanghai Company sells glasses, fine china, and everyday dinnerware. They use activity-based costing to determine the cost of the shipping and handling activity. The shipping and handling activity has an activity rate of $5 per pound. A box of glasses weighs 2 lbs, the box of china weighs 4 lbs, and a box of everyday dinnerware weighs 6 lbs. Round answers to nearest whole dollar. a Determine the shipping and handling activity for each product. Glasses $fill in the blank 1 China $fill in the blank 2 Everyday dinnerware $fill in the blank 3 b Determine the total shipping and receiving costs for the china if 2,000 boxes are shipped.$fill in the blank 4
1.
Question 1) Crazy Delicious Inc. produces chocolate bars. The primary materials used in producing chocolate bars are cocoa, sugar, and milk. The standard cost for a batch of chocolate (2,880 bars) are as follows: Ingredient Quantity Price Cocoa 540lbs $0.30 per lb. Sugar 150lbs $0.60 per lb. Milk 120gal $1.50 per gal. Determine thte standard direct materials cost per bar of chocolate. If required, round to the nearest cent. $_______ per bar __________________________________________________________ Question 2) Refer to the picture
Pick-Me-Up Company is introducing a new high caffeine coffee in its stores and must decide what price to set for the coffee beans. An estimated demand schedule for the product is as follows: Price 1 Lb. units demanded $4.50 85,600 $6.00 74,500 $7.50 56,000 $9.00 49,100 $10.50 34,800 $12.00 27,100 Estimated costs are as follows: Variable manufacturing costs per unit $1.50 Fixed manufacturing cost per year $38,200 Variable selling & administrative costs per unit $0.50 Fixed selling & administrative costs per year $20,900 Prepare a schedule showing management the total revenue, total cost, and total profit or loss for each selling price.At what price do you recommend Pick-Me-Up Company should choose.
Subject - account Please help me. Thankyou.
How to do this. Please explain. Thank you.
Question 2 Use the following standard cost card for 1 gallon of ice cream to answer the questions. STANDARD COST CARD Product: Gallon of Ice Cream Standard Cost Manufacturing Cost Information Standard Cost Quantity per Unit Summary Direct Materials Cream 5 quarts $1.15 per quart $0.08 per ounce $36.00 per hour $5.75 Sugar 16 ounces $1.28 Direct Labor 3 minutes $1.80 Total Direct Costs $8.83 Actual direct costs incurred to make 50 gallons of ice cream: 275 quarts of cream at $1.05 per quart 832 ounces of sugar at $0.075 per ounce 165 minutes of labor at $37 per hour All material used was bought during the current period. C. Compute the material and labor variances. D. Comment on the results and possible causes of the variances.
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 (2,600 bars) are as follows: Ingredient Quantity Price Cocoa 480 Ibs. $0.30 per Ib. Sugar 150 Ibs. $0.60 per Ib. Milk 120 gal. $1.30 per gal. Determine the standard direct materials cost per bar of chocolate. If required, round to the nearest cent. per bar
Tropikal Co makes fizzy drinks. One of its products, the Opop, requires the following standard input for a litre of output: Materials Litres Cost per litre ($) ($) Carbonated water 1.50 0.90 0.6 0.3 Flavoured syrup 2.00 0.60 Sugar water 0.3 0.80 0.24 1.2 1.74 During June, 6,000 litres of the Opop were made and sold using the following inputs: Materials Actual litres used Actual cost per litre ($) Carbonated water 3,800 1.40 Flavoured syrup 1,400 2.10 Sugar water 1,500 0.95 6,700 What was the favourable yield variance for the Opop for June? Select... V Select... $725 $740 $15 $732
Standard Direct Materials Cost per Unit
Solve all please