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9=42 4 ...i e E} (D v2.cengagenow.com [I] Chapter 23 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 0.4 hr. 0.5 hr. 0 Dark Chocolate Light Chocolate Planned production 5,300 cases 11,400 cases Standard labor rate $14.50 per hr. $14.50 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 11,9uu ActuIl Prlce per Found lttull Pounds Purdllud and Used Cocoa $4.80 134,000 Sugar 0.55 178,200 Actual Llllor Rate Actual Labor Hour! UM Dark chocolate $14.10 per hr. 1,820 Light chocolate 14.90 per hr. 6,100 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. a. Direct materials price variance Direct materials quantity variance Total direct materials rust variance b. Direct labor rate variance Direct labor time variance Total direct labor oust variance an hi; I. 2. The variance analyses should be based on the 7' amounts at v volumes. The budget must flex with the volume changes. If the ' volume is different from the planned volume, as it was in this case, then the budget used for performance evaluation should reect the change in direct materials and direct labor that will be required for the spending from volume changes can be separa iciency and price variances. e 000