PR 23-2A 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: OBJ. 1,2,3 Standard Amount per Case Light Chocolate Standard Price per Pound Dark Chocolate 12 lb. 10 lb. 0.50 hr. $7.25 1.40 8lb. Cocoa Sugar Standard labor time 14 lb 0.60 hr. Continued) 1162 Evaluating Variances from Standard Costs Chapter 23 Planned production Standard labor rate Dark Chocolate 4,700 cases $15.50 per hr Light Chocolate 11,000 cases $15.50 per hr. I Love My Chocolate Company d not expect there to be any beginning or ending of cocoa or sugar. At the end of the budget year, I Love My had the following actual results: Actual production (cases Cocoa pany Dark Chocelate 5,000 Actual Price per Pound $7.33 1.35 Actual Laber Rate Light Chocolate 10,000 Actual Pounds Purchased and Used 140,300 188,000 Actual Labor Hours Used 2,360 6,120 Sugar $15.25 per hr 15.80 per hr Dark chocolate - Light chocolate Instructions llowing variance analyses for both chocolates and the total, based on Prepare the ults and production levels at the end of the budget year: actual the a. Direct materials price, quantity, and total b. Direct variance labor rate, time, and total variance why are the standard amounts in part d) based on the actual production for the year instead of the planned production for the year? th non-gray backgrounds are protected and cannot be edited. isk () wil lappear to the right of an incorrect entry The essay answer will not be graded CocosSugar Total Direct Materials Variance Price variance Actual price Standard price Variance Actual quantity (bs.) Direct materials price variance-(favorable) unfavorable Quantty variance Actual quantity used (bs.) Standard quantity used (bs.) Variance (bs.) Standard price Direct materials quantity variance-(favorable) unfavorable Total drect materials cost variance (favorable) unfavorable Total direct materials cost variance Actual cost Standard cost Total direct materials cost variancefavorable) unfavorable Supporting calculations Standard quantity used of cocoa Dark Chocolate Light Chocolate Total Cases produced Standard amount per case (b%) Total Standard quantity used of sugar Cases produced Standard amount per case (bs.) Total Pr. 23-2A elect destination and press ENTER or choose Paste Type here to search Alignment b. Dark Chocolate Light Chocolate Total Direct Labor Variance Rate variance: Actual rate Standard rate Variance Actual time Direct labor rate variance-(favorable) unfavorable Time variance Actual time Standard tme Variance Standard rate Direct labor time variance (favorable) unfavorable Total direct labor cost variance-(favorable) unfavorable Total direct labor cost variance Actual cost Standard cost Total direct labor cost variance- (favorable) unfavorable 2. Key essay answer here] 78 Pr. 23-2A lect destination and press ENTER or choose Paste Type here to search