Direct Materials Price Information Price per pound of Chocolate Shipping Charges per shipment Excise/Import taxes per shipment Purchase Discount (always taken) 5.00 per Ib. 1,200 for 200 lbs. shipment 150 for 200 lb. shipment 3% Direct Materials Usage Information Chocolate per bunny Spoilage per bunny Rejected products 1 lb. 0.05 lb. 1 bunny is rejected for each 20 that are of sufficient quality Direct Labor Rate Information Average Rate paid to workers Health Insurance paid per employee per month (160 hours) Retirement paid to workers Social Security Taxes paid by company 12.00 per hour 250.00 per month (160 hours) 3% 7.65% Direct Labor Efficiency Information Average time to make a bunny Inspection time per bunny 0.25 hours 0.05 hours Standards: Direct Materials Price Standard (per lb.) 11.02 per lb. Grade on the assignment is #VALUE! out of 5 Direct Materials Usage Standard (per bunny) per bunny #VALUE! Direct Labor Rate Standard (per hour) per hour Direct Labor Efficiency Standard (per bunny) 1. Deter Ihours per bunny Chocolate Bunnies Made 800 bunnies Direct Material ACTUAL Information Pounds of Chocolate used Pounds of Chocolate Purchased Total price paid for Chocolate 845 lbs. 860 lbs. 9,475 Direct Labor ACTUAL Information Hours worked Wages and Benefits paid 245 hours 4,000 Actual Information Actual Average Material Price per pound Grade on the assignment is #VALUI Actual Average Labor Rate per hour There is AT LEAST ONE error on this sheet Flexible Budget Information Expected Material Usage given the level of production pounds Expected Labor Efficiency given the level of production hours 1. Determine the standards for Direct Material Price and Usage. 2. Determine the standards for Direct Labor Rate and Efficiency. 3. Calculate the Actual Average Material Price per pound of Chocolate. 4. Calculate the Actual Average Labor Rate per hour. 5. Determine the Expected Material Usage given the level of production (800 bunnies) 6. Determine the Expected Labor Efficiency given the level of production (800 bunnies) 7. Calculate the Direct Material Price Variance, Direct Material Usage Variance and the Total Direct Material Variance. For each variance indicate whether it is Favorable or Unfavorable. 8. Calculate the Direct Labor Rate Variance, Direct Labor Efficiency Variance, and the Total Direct Labor Variance. For each variance indicate whether it is Favorable or Unfavorable. Direct Materials Price Information Price per pound of Chocolate Shipping Charges per shipment Excise/Import taxes per shipment Purchase Discount (always taken) 5.00 per Ib. 1,200 for 200 lbs. shipment 150 for 200 lb. shipment 3% Direct Materials Usage Information Chocolate per bunny Spoilage per bunny Rejected products 1 lb. 0.05 lb. 1 bunny is rejected for each 20 that are of sufficient quality Direct Labor Rate Information Average Rate paid to workers Health Insurance paid per employee per month (160 hours) Retirement paid to workers Social Security Taxes paid by company 12.00 per hour 250.00 per month (160 hours) 3% 7.65% Direct Labor Efficiency Information Average time to make a bunny Inspection time per bunny 0.25 hours 0.05 hours Standards: Direct Materials Price Standard (per lb.) 11.02 per lb. Grade on the assignment is #VALUE! out of 5 Direct Materials Usage Standard (per bunny) per bunny #VALUE! Direct Labor Rate Standard (per hour) per hour Direct Labor Efficiency Standard (per bunny) 1. Deter Ihours per bunny Chocolate Bunnies Made 800 bunnies Direct Material ACTUAL Information Pounds of Chocolate used Pounds of Chocolate Purchased Total price paid for Chocolate 845 lbs. 860 lbs. 9,475 Direct Labor ACTUAL Information Hours worked Wages and Benefits paid 245 hours 4,000 Actual Information Actual Average Material Price per pound Grade on the assignment is #VALUI Actual Average Labor Rate per hour There is AT LEAST ONE error on this sheet Flexible Budget Information Expected Material Usage given the level of production pounds Expected Labor Efficiency given the level of production hours 1. Determine the standards for Direct Material Price and Usage. 2. Determine the standards for Direct Labor Rate and Efficiency. 3. Calculate the Actual Average Material Price per pound of Chocolate. 4. Calculate the Actual Average Labor Rate per hour. 5. Determine the Expected Material Usage given the level of production (800 bunnies) 6. Determine the Expected Labor Efficiency given the level of production (800 bunnies) 7. Calculate the Direct Material Price Variance, Direct Material Usage Variance and the Total Direct Material Variance. For each variance indicate whether it is Favorable or Unfavorable. 8. Calculate the Direct Labor Rate Variance, Direct Labor Efficiency Variance, and the Total Direct Labor Variance. For each variance indicate whether it is Favorable or Unfavorable