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
Q: If raw materials are carried in the raw materials inventory at standard cost, then it is reasonable…
A: 1 Standard data is calculated by considering budgeted data and using actual data. 2…
Q: Compute the total, price, and quantity variances for materials and labor. Total materials variance…
A: Material variances and labor variances are calculated as a difference between the standard amount…
Q: What are the equations to find these answers? Calculate the direct materials price variance for…
A: Variance Analysis: Variance analysis is the process of ascertaining the deviations between actual…
Q: Required: a. Determine the direct materials price variance, direct materials quantity variance, and…
A: Standard costing: Standard costing consists of the setting of the predetermined estimate of costs…
Q: t variances. Select the required formulas, compute the cost variances for direct materials and…
A: Variiances ariise when the actual results differs from standard or budgeted results. There are…
Q: Required: 1. Compute the following variances for July: (Indicate the effect of each variance by…
A: Solution:- Given, Dawson Toys, Ltd., produces a toy called the Maze Direct materials = 8 microns per…
Q: Requirement 2. Calculate the direct materials cost variance and the direct materials efficiency…
A: The variance is the difference between the standard data and actual production data for the period.
Q: The materials price variance should be computed when materials are purchased. Group of answer…
A: Variance: The difference between the actual cost or price and the budgeted (standard) cost or price…
Q: the materials quantity variance was $18,612 unfavorable, what was the standard materials quantity…
A: Actual quantity of direct material used = 130,200 pounds Actual rate of direct material = $0.90…
Q: (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and…
A: Concepts and reason Variance analysis: Variance analysis is the process of analyzing the difference…
Q: APPLY THE CONCEPTS: Conduct the Direct Materials Cost Variance Analysis Complete the following…
A: Direct material cost variance is the difference between standard cost of materials and actual cost…
Q: direct labor rate variance and the direct labor efficiency variance
A:
Q: Formula 1 Material Price Variance Formula 2 Material Quantity variance Formula 3 Total…
A: Calculate the materials price, material quantity, and the total material variance as follows: The…
Q: cme Inc. has the following information available: NOTE: All dollar amounts are rounded to whole…
A: Working: 1) Material Variance = (SP -AP)*AQ = (0.90 - 1)*100…
Q: Working With Variances From the following data, determine the total actual costs incurred for direct…
A: Variance analysis: It is the technique in budgeting that allows for analysis of the variances…
Q: Following information has been obtained from the records of a manufacturing organisation using the…
A:
Q: The sum of the material mix and material yield variances equals the total material variance. the…
A: Standard costing means where standard is set for various cost element and actual cost is then…
Q: e sum of materials yield variance and materials mix variance is? * Materials price variance…
A: Material yield variance is the difference of actual material used and standard quantity estimated to…
Q: Use the information provided to answer the questions. Actual price paid per pound of material Total…
A: DM price variance calculates, how much actual price has affected the total cost of direct material.…
Q: Required: Compute the materials price and quantity variances for the month. (Indicate the effect of…
A: Material Price Variance = (Standard Price - Actual Price) x Actual Quantity Material Quantity…
Q: 2. present the analysis of the following variances for October: a.Direct materials price quantity…
A:
Q: The following data relate to the direct materials cost for the production of 2,400 automobile tires:…
A: Variance analysis is an analysis used to recognize the difference between actual behavior and…
Q: Required: Compute the following cost variances from the available data. (Indicate the effect of each…
A: The standard costing helps the management in determining variances derived in the actual performance…
Q: Required: 1. Prepare the following variance analyses for both chocolates and the total, based on the…
A: The direct materials price variance for the material is as follows:
Q: hich of the following factor may not be included in the computation of the total materials variance?…
A: Formula Total Material variance = (Standard cost of material allowed for actual output) – (Actual…
Q: Under the three-variance method for analyzing factory overhead, whi.ch of the following is used in…
A: A three way variance has Efficiency, volume and spending variance. Generally variance refers to the…
Q: The following data relate to the direct materials cost for the production of 1,800 automobile tires:…
A: Material price variance = (Actual price per lb - Standard price per lb)*Actual quantity purchased…
Q: Using the data below, answer the questions about the Direct Materials Cost (DMC) variances and the…
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: 1. Prepare the following variance analyses for both chocolates and the total, based on the actual…
A: Note:- As per our honor code, I can answer only first question. If you want the answer for the…
Q: What is the variation in the use of materials at actual price and standard materials at standard…
A: "since you have posted more than one questions and not specified which should be solved so we are…
Q: The following data relate to the direct materials cost for the production of 2,300 automobile tires:…
A: Direct Material price variance = (Actual price per pound - Standard price per pound)*Actual quantity…
Q: Complete the table belovw for the missing variances. E (Click the icon to view the table.) Calculate…
A: Direct labor total cost variance shows the impact of any overall change in the amount spent on…
Q: The materials cost variance report for Nickols Inc. indicates a large favorable materials price…
A: Material Price Variance Material Price variance is defined as the difference between Actual price…
Q: units. For the three questions below, indicate two things: the amount of variance AND whether the…
A: ANSWER : FIRST LET US LIST ALL THE INFORMATION GIVEN : STANDARD RATE PER HOUR (SR) = 12 STANDARD…
Q: Which of the following is the difference between the actual cost of materials and thematerials cost…
A: Total material variance = Actual cost of materials - Budgeted cost of materials at actual level of…
Q: Direct Materials Variances The following data relate to the direct materials cost for the production…
A: Solution:- a) Determination of the direct materials price variance, direct materials quantity…
Q: Which of the following statements is true with respect to the materials price variance? Multiple…
A: Materials price variance = (Standard price - Actual price) x Actual Quantity purchased
Q: 1. Prepare the following variance analyses for both chocolates and the total, based on the actual…
A:
Q: Assume (1) the quantity of materials purchased equals the quantity used in production, (2) the…
A: Material spending variance = material quantity variance + Material price variance
Q: Requirement 1. Calculate the standard cost of one awning. Standard cost Direct materials Direct…
A: "Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: Determine the direct materials quantity and direct labor time variances. Round your per unit…
A: To calculate variance direct materials quantity the following formula can be used Statement finding…
Q: One way of analyzing the fixed factory overhead variance is breaking it down into Select one:…
A: The question is related to Fixed overhead variance of standard costing. As question just asked to…
Q: Prepare the following variance analyses for both chocolates and total, based on the actual results…
A: a.
Q: The following data relate to the direct materials cost for the production of 2,300 automobile tires:…
A: Direct Material price variance = (Actual price per lb. - Standard price per lb.)*Actual quantity…
Q: Under Standard Costing System, if the journal entry to record usage of direct materials include a…
A: Variance is said to be favourable when a credit to direct material usage variance is recorded.
Performance Eval Variances: Refer to the pictures. One has the information and the second has the template. Thank you!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- 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 NovtFlexible 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…