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. Cocoa Sugar Standard labor time Dark Chocolate 10 lbs. 8 lbs. Planned production Standard labor rate 0.4 hr. 12 lbs. 0.5 hr. Standard Price per Pound $4.20 0.60 Dark Chocolate Light Chocolate 5,500 cases 10,900 cases $15.00 per hr. $15.00 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
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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 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 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 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 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 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 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 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 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 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 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…Deb Bishop Health and Beauty Products has devel-oped a new shampoo, and you need to develop its aggregate sched-ule. The cost accounting department has supplied you the costs relevant to the aggregate plan, and the marketing department hasprovided a four-quarter forecast. All are shown as follows:QUARTER FORECAST1 1,4002 1,2003 1,5004 1,300COSTSPrevious quarter’s output 1,500 unitsBeginning inventory 0 unitsStockout cost for backorders $50 per unitInventory holding cost $10 per unit for every unit held atthe end of the quarterHiring workers $40 per unitLayoff workers $80 per unitUnit cost $30 per unitOvertime $15 extra per unitSubcontracting Not availableYour job is to develop an aggregate plan for the next four quarters.a) First, try hiring and layoffs (to meet the forecast) as necessary.b) Then try a plan that holds employment steady.c) Which is the more economical plan for Deb Bishop Healthand Beauty Products?