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CHOCOLATE Costs and Variances Kerr-Phillip's Chocolates - Standard costs Kerr-Phillip's Chocolates produces a variety of confectionery, most in the form of chocolate bars. Stephen, manager of the company, is in the process of developing a standard cost accounting system. Kerr-Phillip's Chocolates produces chocolate bars in six standard sizes. The deluxe chocolate bar is an incredible 50cm square block of solid chocolate. Materials standards call for one litre of milk and six kilograms of cocoa wrapped in an 8 gram foil. Standard prices for 2019 were $3.25 per litre of milk, S0.40 per kilogram of cocoa, and $0.25 per gram of foil Direct labour is used in both the Moulding and the Wrapping Departments. Deluxe chocolate bars have labour standards of 0.2 hour in the Moulding Department and 0.4 hour in the Wrapping Department. Standard labour rates for deluxe chocolate bars are $10.75 per hour in the Moulding Department and $12.00 per hour in the Wrapping Department During January 2019, 16,400 deluxe chocolate bars were made. Actual production data were as follows: Direct Material: 16,3-03 Litres $123 92,256 Kilograms 0.38 kilogram Foil 131,00 am Direct Labor Moulding 3,423 Hours $10.60 hec 6,523 Hours $12.10 Required: Explain the importance of the standard setting process in an organisation. Your discussion should also clearly explain the 3 types of standards that Stephen, the manager, can look at implementing in this organisation. Calculate the direct materials price and quantity variances for milk, cocoa and foil. Calculate the direct labour rate and efficiency variances for the Moulding and the Wrapping Departments. Stephen had set Average of Past Performance standards for the company. Identify any concerns you may have with the variances you determined in Questions (2) and (3). Discuss any corrective actions that should be taken by the manager of the company. CHOCOLATE Costs and Variances Kerr-Phillip's Chocolates - Standard costs Kerr-Phillip's Chocolates produces a variety of confectionery, most in the form of chocolate bars. Stephen, manager of the company, is in the process of developing a standard cost accounting system. Kerr-Phillip's Chocolates produces chocolate bars in six standard sizes. The deluxe chocolate bar is an incredible 50cm square block of solid chocolate. Materials standards call for one litre of milk and six kilograms of cocoa wrapped in an 8 gram foil. Standard prices for 2019 were $3.25 per litre of milk, S0.40 per kilogram of cocoa, and $0.25 per gram of foil Direct labour is used in both the Moulding and the Wrapping Departments. Deluxe chocolate bars have labour standards of 0.2 hour in the Moulding Department and 0.4 hour in the Wrapping Department. Standard labour rates for deluxe chocolate bars are $10.75 per hour in the Moulding Department and $12.00 per hour in the Wrapping Department During January 2019, 16,400 deluxe chocolate bars were made. Actual production data were as follows: Direct Material: 16,3-03 Litres $123 92,256 Kilograms 0.38 kilogram Foil 131,00 am Direct Labor Moulding 3,423 Hours $10.60 hec 6,523 Hours $12.10 Required: Explain the importance of the standard setting process in an organisation. Your discussion should also clearly explain the 3 types of standards that Stephen, the manager, can look at implementing in this organisation. Calculate the direct materials price and quantity variances for milk, cocoa and foil. Calculate the direct labour rate and efficiency variances for the Moulding and the Wrapping Departments. Stephen had set Average of Past Performance standards for the company. Identify any concerns you may have with the variances you determined in Questions (2) and (3). Discuss any corrective actions that should be taken by the manager of the company