CH 9 Homework (Application)Sharon's Delights Chocolate Company makes dark chocolate and light chocolate. Both products require cocoa andsugar. The following planning information has been made available:CocoaSugarStandard labor time.Planned productionStandard Amount Standard Amountper CaseDark Chocolateper CaseLight ChocolateStandard Priceper Pound8 lbs.6 lbs.$4.755 lbs.4 lbs.1.200.50 hr.0.60 hr.Dark Chocolate4,000 casesLight Chocolate7,500 casesStandard labor rate$15.50 per hr.$15.50 per hr.Sharon's Delights Chocolate Company does not expect there to be any beginning or ending inventories of cocoa orsugar. At the end of the budget year, Sharon's Delights Chocolate Company had the following actual results:Actual production (cases)Dark Chocolate4,500Light Chocolate8,000Actual Price per PoundActual Quantity Purchased and UsedCocoaSugar$4.901.2485,00053,000Actual Labor RateActual Labor Hours UsedDark chocolate$15.25 per hr.Light chocolate15.80 per hr.2,2004,400Required:1. Prepare the following variance analyses for both chocolates and the total, based on the actual results andproduction levels at the end of the budget year. Enter a favorable variance as a negative number using a minussign and an unfavorable variance as a positive number.a. Direct materials price variance, direct materials quantity variance, and total variance.b. Direct labor rate variance, direct labor time variance, and total variance.a.Direct materials price varianceDirect materials quantity varianceCheck My Work 4 more Check My Work uses remaining.Next>

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

Answered: Dark Chocolate Light Chocolate per…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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v2.cengagenow.com Standard Direct Materials Cost per Unit Truly 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 (1,810 bars) are as follows: Ingredient Price Cocoa Sugar Milk Quantity 600 lbs. $0.30 per lb. 180 lbs. $0.60 per lb. 150 gal. $1.70 per gal. Determine the standard direct materials cost per bar of chocolate. Round to two decimal places. X per bar Feedback Check My Work Remember the process discussed in chapter for calculating standard direct materials cost per unit.
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 Rate Actual Labor Hours Used Dark chocolate $15.25 per hr. 2,360 Light chocolate 15.80 per hr. 6,120 this is all the information i have and i need help calulating the direct labor time variance
Question 2 Gr8bean manufactures various coffee flavours which are sold in jars. The company has set the following standard costs to manufacture one jar of its premium flavour: Quantity/Hours Price/Rate Standard Cost ? R50 per hour R4 Details Direct materials Direct Labour Variable overheads TOTAL STANDARD COST OF ONE BOX The following cost information relates to August for the production of the 4 500 boxes: Details Direct materials Direct Labour Standard cost for August Actual cost for August 750 grams ? ? REQUIRED: During the month of August, 4 500 boxes were manufactured, and 5 000 kg of direct materials were purchased whilst 3 800 kg were issued to production. R67 500 R80 000 ? R135 000 ? ? Q.2.2 Calculate the standard quantity (hours) used to make one box. ? R40 Variable overheads R22 500 R40 000
云 00 y 2 M c P E. y!m ME A N N C. A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignme... YouTube Maps 9 Review HW 3.2 M Gmail Chapter 20 Homework Equivalent Units of Production: Average Cost Method the ren Units of production data for the two departments of Atlantic Cable and Wire Company for July of the current fiscal year are as follows: d ui anc Drawing Department Winding Department Work in process, July 1 1,950 units, 65% completed 600 units, 35% completed 950 Completed and transferred to next 31,200 units 30,400 units processing department during July Work in process, July 31 1,500 units, 65% completed 1,000 units, 35% completed Each department uses the average cost method. its of a. Determine the number of whole units to be accounted for and to be assigned costs and the equivalent units of production for the Drawing Department. fwho. its of p of proc Whole units 32,700 V units Equivalent units of production 31,410 X units b. Determine the number of…
Question 16 /1 View Policies Current Attempt in Progress If the required direct materials purchases are 32000 pounds, the direct materials required for production is three times the direct materials purchases, and the beginning direct materials are three and a half times the direct materials purchases, what are the desired ending direct materials in pounds? oport 48000 O 32000 O 80000 O 16000 ) hp prt sc delete home % 6 num backspace lock P home K enter pause tn tn USE YOUR SMARTPHONE FOR M I
Assignment 7.1: Session 7 Comprehensive Problem (Chapter 9) This section has a nine-part comprehensive problem with multiple questions to address. Download the Chapter 9 Comprehensive Problem Template below to complete all parts. You will need your Bergevin and MacQueen book for reference. Redlands Inc. reported standard and actual costs for the product that it manufactures: Item Standard Actual Direct material price $3 per lb. $2 per lb. Direct materials quantity 2 lbs. 4 lbs. Direct labor price $5 $7 Direct labor quantity 3 hours 2 hours Factory overhead cost $2 per machine hour ---- Machine hours per unit 2 machine hours 3 machine hours Number of finished products made 10 12 Number of finished products sold 10 11 Sales per unit $40 $40 * Redlands used machine hours to apply factory overhead costs. The company incurred $90 actual total factory overhead costs to make the 12 products. 1. Standard product cost Item Price Quantity Total Direct materials…
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.
Assignment 7.1: Session 7 Comprehensive Problem (Chapter 9) Instructions This section has a nine-part comprehensive problem with multiple questions to address. Download the Chapter 9 Comprehensive Problem Template below to complete all parts. You will need your Bergevin and MacQueen book for reference. Redlands Inc. reported standard and actual costs for the product that it manufactures: Item Standard Actual Direct material price $3 per lb. $2 per lb. Direct materials quantity 2 lbs. 4 lbs. Direct labor price $5 $7 Direct labor quantity 3 hours 2 hours Factory overhead cost $2 per machine hour ---- Machine hours per unit 2 machine hours 3 machine hours Number of finished products made 10 12 Number of finished products sold 10 11 Sales per unit $40 $40 * Redlands used machine hours to apply factory overhead costs. The company incurred $90 actual total factory overhead costs to make the 12 products. Based on the information above, complete the following: 1.…
onedrive.live.com/?cid%3D95827CFFCF17 ايسر سبين 3، را Join Meeting - Zoom Sign In Zoom Micr... - Jg Juzeui Goo صدارات Exercise 1. Classify the below cost on their behavior (Fixed Costs and Variable Costs) (a) Rent of Factory Building, (b) Managerial Salaries, (c)Direct wages, (d) Direct Materials, (e) Building Insurance, (f) Commission of salesman, (g)Municipal taxes, (h) Power, (1) Normal Spoilage, G) Small tools Exercise 2 The Information bellow has been taken from production department of XYZ Company for December is as follows: Total Costs Variable Cost Fixed Cost Material used in Production OMR 200000 200000 Labour used in Production 150000 100000 50000 (Assembly and supervisor) Production Facilities cost ( 50000 40000 10000 rent general, utilities.)
MANUFACTORING Investigate % A packaging employee making $18 per hour can package 90 items during that hour. The direct material cost is $1.20 per item. What is the total direct cost of 1 item? A. $1.20 C. $1.40 o' F5 ^ F6 & F7 S F8 B. $0.20 a D. $1.00 DELL F9 I= ACC prtsc F10 home F11 end F12
Question 2 Gr8bean manufactures various coffee flavours which are sold in jars. The company has set the following standard costs to manufacture one jar of its premium flavour: Quantity / Hours Price/Rate Standard Cost 750 grams ? ? R50 per hour ? R4 Details Direct materials Direct Labour Variable overheads TOTAL STANDARD COST OF ONE BOX The following cost information relates to August for the production of the 4 500 boxes: Details Direct materials Direct Labour Standard cost for August Actual cost for August During the month of August, 4 500 boxes were manufactured, and 5 000 kg of direct materials were purchased whilst 3 800 kg were issued to production. REQUIRED: R67 500 R80 000 Q.2.3 Calculate the material quantity variance. ? ? ? R135 000 ? R40 Variable overheads R22 500 R40 000
Question 1 FNG Paint (Pty) Ltd produces finger paint and sells them to pre‐schools.The following information relates to a set of finger paint. A set of finger paint is considered to be one unit. Direct labour needed for the first set of paint += 4 hoursDirect labour costs per unit = R30 per hourDirect material costs per unit = R25Total Fixed costs = R2 000Learning curve = 80% Required:Using the learning curve theory and information provided above, calculate the expected average cost for one set of paint should four and sixteen sets be produced, respectively. Round off to two decimal places.

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Dark Chocolate Light Chocolate per Pound 8 lbs. 6 lbs. 5 lbs. 4 lbs. $4.75 1.20 0.50 hr. rk Chocolate ▪00 cases 0.60 hr. Light Chocolate 7.500 cases