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eBook Calculator Print item 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 Care Dark Light Standard Price per Chocolate Chocolate Pound Cocoa 12 lb $4.7 Sugar 10 lb. 14 1b. 0.6 Standard labor 0.3 hr. 0.4 h. time Dark Chocolate Light Chocolate Planned production 5,400 cases 10,500 cases Standard labor rate $13 per hr $13 perhe I Love My Chocolate 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 5,100 10,900 (cases) Actual Price per Actual Pounds Purchased and Pound Cocoa $4.8 160,100 Sugar 0.55 198,500 Artollane late Fint nem $4.8 160,100 Sugar 0.55 198,500 Actual Labor Rate Actual Labor Hours Used Dark chocolate $12.5 perc 1,390 Light chocolate 13.5 per hit 4,470 Required: Prepare the following variance analyses for both chocolates and 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. If there is no variance, enterrere Direct materials price variance Direct materials quantity vonance Total direct materials cost variance 100 000 b. Direct loborrate variance Direct labor time variance Total direct labor cost variance unts at 2. The variance analyses should be based on the 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 reflect the change in direct materials and direct labor that will be required for the production. In this way, spending from volume changes can be separated from efficiency and price variances Previous Check My Work 1 more Check My Work uses remaining Calculator Print Item Direct Labor Variances Greeson Clothes Company produced 16,000 units during June of the current year. The Cutting Department used 3,000 direct labor hours at an actual rate of $14.50 per hour. The Sewing Department used 5,000 direct labor hours at an actual rate of $14.20 per hour. Assume that there were no work in process inventories in either department at the beginning or end of the month. The standard labor rate is $14.40. The standard labor time for the Cutting and Sewing departments is 0.20 hour and 0.30 hour per unit, respectively a. Determine the direct labor rate, direct labor time, and total direct labor cost variance for the Cutting Department and Sewing Department. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number Cutting Department Sewing Department Direct labor rate variance 500 X Unfavorable 1,000 X Favorable Direct labor time variance 25,920 X Favorable 2,828 X Unfavorable Total direct labor cost variance 25,420 X Favorable 1,828 X Unfavorable b. The two departments have opposite results. The Cutting Department has a(n) unfavorable rate and a(n) favorable time variance, resulting in a total favorable cost variance. In contrast, the Sewing Department has a(n) favorable rate variance but has a unfavorable time variance, resulting in a total unfavorable cost variance. Food Check Work Unfavorable variances can be thought of as increasing costs (a debit). Favorable variances can be thought of as decreasing costs (a credit) The direct labor cost variance is the difference between the actual and standard labor cost. Consider factors affecting labor performance Previous Next) Momore Check My Work uses remaining
