Can I get some help with this practice question please this is all the information I recieved regarding the question. Light chocolateRequired:Prepare the following variance analyses for both chocolates and 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 aa.b.Direct materials price varianceDirect materials quantity varianceTotal direct materials cost varianceDirect labor rate varianceDirect labor time variance16 per hr.Total direct labor cost variance2. The variance analyses should be based on thetheminus sign and an unfavorable variance as a positive number. If there is no variance, enter a zero.0006,100amounts atvolumes. The budget must flex with the volume changes. Ifvolume is different from the planned volume, as it was in this case, then the budget used for performance evaluation should reflect the changeproduction. In this way, spending from volume changes can be separated fromin direct materials and direct labor that will be required for theefficiency and price variances. 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 madeavailable:CocoaSugarStandard labortimePlanned productionStandard labor rateActual production (cases)CocoaSugarStandard Amount per CaseLightChocolateDarkChocolate11 lb.Dark chocolate9 lb.0.4 hr.8 lb.13 lb.Light Chocolate5,100 cases$15.5 per hr.11,400 cases$15.5 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 hadthe following actual results:0.5 hr.Dark ChocolateDark Chocolate4,800Actual Price per Pound$4.60.55Actual Labor RateStandard Price perPound$15 per hr.$4.50.6Light Chocolate11,900Actual Pounds Purchased and Used148,700193,000Actual Labor Hours Used1,750

Name: Can I get some help with this practice question please this is all the
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Description: Can I get some help with this practice question please this is all the information I recieved regarding the question. Light chocolateRequired:Prepare the following variance analyses for both chocolates and total, based on the actual results and produ

Variance analysis is done by comparing the actual data with the standard cost. This evaluation helps…

Business

Accounting

Love My 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 Planned production Standard labor rate Actual production (cases) Cocoa Sugar Standard Amount per Case Light Chocolate Dark Chocolate Dark chocolate 11 lb. 9 lb. 0.4 hr. 8 lb. 13 lb. Dark Chocolate Light Chocolate 5,100 cases $15.5 per hr. 11,400 cases $15.5 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 the following actual results: 0.5 hr. Dark Chocolate 4,800 Actual Price per Pound $4.6 0.55 Standard Price per Pound Actual Labor Rate $15 per hr. $4.5 0.6 Light Chocolate 11,900 Actual Pounds Purchased and Used 148,700 193,000 Actual Labor Hours Used 1,750

Love My 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 Planned production Standard labor rate Actual production (cases) Cocoa Sugar Standard Amount per Case Light Chocolate Dark Chocolate Dark chocolate 11 lb. 9 lb. 0.4 hr. 8 lb. 13 lb. Dark Chocolate Light Chocolate 5,100 cases $15.5 per hr. 11,400 cases $15.5 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 the following actual results: 0.5 hr. Dark Chocolate 4,800 Actual Price per Pound $4.6 0.55 Standard Price per Pound Actual Labor Rate $15 per hr. $4.5 0.6 Light Chocolate 11,900 Actual Pounds Purchased and Used 148,700 193,000 Actual Labor Hours Used 1,750

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 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 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…
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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 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…
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