Performance Eval Variances: Refer to the pictures. One has the information and the second has the template. Thank you! 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.а.Direct materials price varianceUnfavorableDirect materials quantity varianceUnfavorableTotal direct materials cost varianceUnfavorableb.Direct labor rate varianceUnfavorableDirect labor time varianceFavorableTotal direct labor cost varianceUnfavorable00 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 CaseDark ChocolateLight ChocolateStandard Price per PoundСосоа9 Ibs.6 Ibs.$4.70Sugar7 Ibs.11 Ibs.0.60Standard labor time0.4 hr.0.5 hr.Dark ChocolateLight ChocolatePlanned production4,300 cases10,600 casesStandard labor rate$13.00 per hr.$13.00 per hr.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 Company had the following actual results:Dark ChocolateLight ChocolateActual production (cases)4,10011,000Actual Price per PoundActual Pounds Purchased and UsedСосоа$4.80103,400Sugar0.55146,000Actual Labor RateActual Labor Hours UsedDark chocolate$12.50 per hr.1,490Light chocolate13.50 per hr.5,640Required: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.

The variance is the difference between actual cost of production and standard cost of production.

equired: . Prepare the following variance analyses for both chocolates and the total, based on the actual results and production levels at the en a. Direct materials price variance, direct materials quantity variance, and total variance. b. Direct labor rate variance, direct labor time variance, and total variance. nter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. .. Direct materials price variance Unfavorable Direct materials quantity variance Unfavorable Total direct materials cost variance Unfavorable v

equired: . Prepare the following variance analyses for both chocolates and the total, based on the actual results and production levels at the en a. Direct materials price variance, direct materials quantity variance, and total variance. b. Direct labor rate variance, direct labor time variance, and total variance. nter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. .. Direct materials price variance Unfavorable Direct materials quantity variance Unfavorable Total direct materials cost variance Unfavorable v

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 11PB: Use the following standard cost card for 1 gallon of ice cream to answer the questions. Actual...

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Flexible Budgeting and Variance Analysis 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 Dark Chocolate Light Chocolate Standard Price per Pound Сосоа 9 Ibs. 6 Ibs. $4.40 Sugar 7 Ibs. 11 Ibs. 0.60 Standard labor time 0.3 hr. 0.4 hr. Dark Chocolate Light Chocolate Planned production 4,300 cases 11,200 cases Standard labor rate $15.00 per hr. $15.00 per hr. I 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 Company had the following actual results: Dark Chocolate Light Chocolate Actual production (cases) 4,100 11,600 Actual Price per Pound Actual Pounds Purchased and Used Сосоа $4.50 107,000 Sugar 0.55 152,400 Actual Labor Rate Actual Labor Hours Used Dark chocolate $14.60 per hr. 1,120 DroviouC Novt
Flexible 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: Line Item Description Standard Amount per CaseDark Chocolate Standard Amount per CaseLight Chocolate Standard Price per Pound Cocoa 10 lbs. 7 lbs. $4.20 Sugar 8 lbs. 12 lbs. 0.60 Standard labor time 0.3 hr. 0.4 hr. Line Item Description Dark Chocolate Light Chocolate Planned production 4,500 cases 12,800 cases Standard labor rate $14.00 per hr. $14.00 per hr. Sharon’s Delights Chocolate Company does not expect there to be any beginning or ending inventories of cocoa or sugar. At the end of the budget year, Sharon’s Delights Chocolate Company had the following actual results: Line Item Description Dark Chocolate Light Chocolate Actual production (cases) 4,300 13,300 Line Item Description Actual Price per Pound Actual…
Flexible 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 Cocoa Sugar Standard labor time per Case per Case Dark Chocolate Light Chocolate Standard Price per Pound 12 lbs. 9 lbs. 10 lbs. 14 lbs. $4.40 0.60 0.3 hr. 0.4 hr. Planned production Standard labor rate Dark Chocolate 5,000 cases $15.00 per hr. Light Chocolate 10,800 cases $15.00 per hr. Sharon's Delights Chocolate Company does not expect there to be any beginning or ending inventories of cocoa or sugar. At the end of the budget year, Sharon's Delights Chocolate Company had the following actual results: Dark Chocolate Light Chocolate Actual production (cases) 4,800 11,200 Actual Price per Pound Actual Quantity Purchased and Used Cocoa Sugar $4.50 159,200 0.55 199,700 Actual Labor Rate Actual Labor Hours Used Dark chocolate $14.70 per hr.…
Flexible Budgeting and Variance Analysis 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 Dark Chocolate Light Chocolate Standard Price per Pound Cocoa 12 lb. 9 lb. $4.9 Sugar 10 lb. 14 lb. 0.6 Standard labor time 0.3 hr. 0.4 hr. Dark Chocolate Light Chocolate Planned production 5,100 cases 10,300 cases Standard labor rate $14.5 per hr. $14.5 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 Light Chocolate Actual production (cases) 4,800 10,700 Actual Price per Pound Actual Pounds Purchased and Used Cocoa $5 154,700 Sugar 0.55 192,900 Actual Labor Rate Actual Labor Hours Used Dark chocolate…
Flexible Budgeting and Variance Analysis 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 Dark Chocolate Light Chocolate Standard Price per Pound Cocoa 10 lbs. 7 lbs. $4.20 Sugar 8 lbs. 12 lbs. 0.60 Standard labor time 0.3 hr. 0.4 hr. Dark Chocolate Light Chocolate Planned production 5,400 cases 10,800 cases Standard labor rate $16.00 per hr. $16.00 per hr. 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 Company had the following actual results: Dark Chocolate Light Chocolate Actual production (cases) 5,100 11,200 Actual Price per Pound Actual Pounds Purchased and Used Cocoa $4.30 130,000 Sugar 0.55 170,800 Actual Labor…
Flexible Budgeting and Variance Analysis 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 Dark Chocolate Light Chocolate Standard Price per Pound Cocoa 10 lbs. 7 lbs. $4.70 Sugar 8 lbs. 12 lbs. 0.60 Standard labor time 0.3 hr. 0.4 hr. Dark Chocolate Light Chocolate Planned production 3,800 cases 10,600 cases Standard labor rate $15.50 per hr. $15.50 per hr. 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 Company had the following actual results: Dark Chocolate Light Chocolate Actual production (cases) 3,600 11,000 Actual Price per Pound Actual Pounds Purchased and Used Cocoa $4.80 113,600 Sugar 0.55 156,800 Actual Labor…
Flexible Budgeting and Variance Analysis 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 Dark Chocolate Light Chocolate Standard Price per Pound Cocoa 11 lb. 8 lb. $4.3 Sugar 9 lb. 13 lb. 0.6 Standard labor time 0.4 hr. 0.5 hr. Dark Chocolate Light Chocolate Planned production 5,400 cases 11,000 cases Standard labor rate $13 per hr. $13 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 Light Chocolate Actual production (cases) 5,100 11,400 Actual Price per Pound Actual Pounds Purchased and Used Cocoa $4.4 148,000 Sugar 0.55 189,200 Actual Labor Rate Actual Labor Hours Used…
Flexible Budgeting and Variance Analysis 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 Dark Chocolate Light Chocolate Standard Price per Pound Cocoa 11 lb. 8 lb. $4.7 Sugar 9 lb. 13 lb. 0.6 Standard labor time 0.4 hr. 0.5 hr. Dark Chocolate Light Chocolate Planned production 5,200 cases 11,700 cases Standard labor rate $15 per hr. $15 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 Light Chocolate Actual production (cases) 4,900 12,200 Actual Price per Pound Actual Pounds Purchased and Used Cocoa $4.8 152,300 Sugar 0.55 197,600 Actual Labor Rate Actual Labor Hours Used Dark chocolate…
Flexible Budgeting and Variance Analysis 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 Dark Chocolate Light Chocolate Standard Price per Pound Cocoa 12 lbs. 8 lbs. $7.25 Sugar 10 lbs. 14 lbs. 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. 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 Company had the following actual results: Dark Chocolate Light Chocolate Actual production (cases) 5,000 10,000 Actual Price per Pound Actual…
Flexible Budgeting and Variance Analysis 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 Dark Chocolate Light Chocolate Standard Price per Pound Cocoa 12 lbs. 8 lbs. $7.25 Sugar 10 lbs. 14 lbs. 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. 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 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…
Flexible Budgeting and Variance Analysis 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 Light Chocolate 7 lbs. 12 lbs. 0.4 hr. Cocoa Sugar Standard labor time Actual production (cases) Dark Chocolate Light Chocolate Planned production 5,600 cases 10,300 cases Standard labor rate $13.00 per hr. $13.00 per hr. 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 Company had the following actual results: Dark Chocolate Light Chocolate 10,700 Actual Pounds Purchased and Used 128,500 166,500 Actual Labor Hours Used 1,450 4,390 Cocoa Sugar Dark Chocolate 10 lbs. 8 lbs. 0.3 hr. 5,300 Actual Price per Pound $5.00 0.55 b. Actual Labor Rate $12.70 per hr. 13.30 per hr. Dark chocolate Light chocolate Required: 1. Prepare the following variance…
Flexible Budgeting and Variance Analysis I'm Really Cold Coat Company makes women's and men's coats. Both products require filler and lining material. The following planning information has been made available: Standard Amount per Unit Women’s Coats Men’s Coats Standard Price per Unit Filler 4.0 lbs. 5.20 lbs. $2.00 per lb. Liner 7.00 yds. 9.40 yds. 8.00 per yd. Standard labor time 0.40 hr. 0.50 hr. Women’s Coats Men’s Coats Planned production 5,000 units 6,200 units Standard labor rate $14.00 per hr. $13.00 per hr. I'm Really Cold Coat Company does not expect there to be any beginning or ending inventories of filler and lining material. At the end of the budget year, I'm Really Cold Coat Company experienced the following actual results: Women’s Coats Men’s Coats Actual production 4,400 5,800 Actual Price per Unit Actual Quantity Purchased and Used Filler $1.90 per lb. 48,000 Liner…