Cengage Learning X MindTap - Cengage Learning X + n/take Assignment/takeAssignmentMain.do?invoker=&take AssignmentSessionLocator=&inprogress=false Solutions Gexcel Sophie's World Cha... Login to ExcamFX * Bishop Joseph Walk. A https://sellaflac.com eBook Calculator 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. $4.60 Sugar 8 lbs. 12 lbs. 0.60 Standard labor time 0.3 hr. 0.4 hr. Dark Chocolate Light Chocolate Planned production 5,200 cases 9,900 cases Standard labor rate $15.00 per hr $15.00 per hr. I Love Me 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) 4,900 10,300 Actual Price per Pound Actual Pounds Purchased and Used Cocoa $4.70 121,700 Sugar 0.55 158,700 Actual Labor Rate Actual Labor Hours Used HT ENG r/takeAssignment/take AssignmentMain.doFinvoker=&takeAssignmentSessionLocator=&inprogress=false Solutions G excel Sophie's World Cha. Login to ExamFX * Bishop Joseph Walk. A https://sellaflac.com eBook Calculator Cocoa $4.70 121,700 Sugar 0.55 158,700 Actual Labor Hours Used Actual Labor Rate Dark chocolate 4,220 $14.50 per hr 1,340 Light chocolate 15.50 per hr 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: 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 a minus sign and an unfavorable variance as a positive number. Direct materials price variance 18,255 x Unfavorable Direct materials quantity variance Unfavorable Total direct materials cost variance Unfavorable b. Direct labor rate variance Direct labor time variance Total direct labor cost variance Unfavorable Favorable Unfavorable 10:18 A HI 4 ENG O Cengage Learning X MindTap - Cengage Learning X + n/take Assignment/takeAssignmentMain.do?invoker=&take AssignmentSessionLocator=&inprogress=false Solutions Gexcel Sophie's World Cha... Login to ExcamFX * Bishop Joseph Walk. A https://sellaflac.com eBook Calculator 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. $4.60 Sugar 8 lbs. 12 lbs. 0.60 Standard labor time 0.3 hr. 0.4 hr. Dark Chocolate Light Chocolate Planned production 5,200 cases 9,900 cases Standard labor rate $15.00 per hr $15.00 per hr. I Love Me 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) 4,900 10,300 Actual Price per Pound Actual Pounds Purchased and Used Cocoa $4.70 121,700 Sugar 0.55 158,700 Actual Labor Rate Actual Labor Hours Used HT ENG r/takeAssignment/take AssignmentMain.doFinvoker=&takeAssignmentSessionLocator=&inprogress=false Solutions G excel Sophie's World Cha. Login to ExamFX * Bishop Joseph Walk. A https://sellaflac.com eBook Calculator Cocoa $4.70 121,700 Sugar 0.55 158,700 Actual Labor Hours Used Actual Labor Rate Dark chocolate 4,220 $14.50 per hr 1,340 Light chocolate 15.50 per hr 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: 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 a minus sign and an unfavorable variance as a positive number. Direct materials price variance 18,255 x Unfavorable Direct materials quantity variance Unfavorable Total direct materials cost variance Unfavorable b. Direct labor rate variance Direct labor time variance Total direct labor cost variance Unfavorable Favorable Unfavorable 10:18 A HI 4 ENG O