Home / Questions / Standard Amount per Case Dark Chocolate Light Chocolate Standard Price per Pound Cocoa ...
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 |
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: Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.
a. | Direct materials price variance | $ | ||
Direct materials quantity variance | $ | |||
Total direct materials cost variance | $ | |||
b. | Direct labor rate variance | $ | ||
Direct labor time variance | $ | |||
Total direct labor cost variance | $ |
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