< > [REQUIRED] Chapter 23 Homework [REQUIRED] Chapter 23 Homework 1. EX.23.01.ALGO 2. EX.23.02.ALGO v2.cengagenow.com C CengageNOWv2 | Online teaching and le... C Chegg.com C Flexible Budgeting and Variance Analysis... G calculator - Google Search eBook 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 3. EX.23.04.ALGO Dark Chocolate 4. EX.23.07.ALGO Cocoa Sugar 11 lbs. 9 lbs. Light Chocolate 8 lbs. 13 lbs. Standard Price per Pound $4.30 0.60 5. EX.23.08.ALGO Standard labor time 0.4 hr. 0.5 hr. 6. PR.23.01A.ALGO 7. PR.23.02A.ALGO 8. PR.23.03A.ALGO 9. BE.23-02.EXCEL.ALGO Planned production Standard labor rate Dark Chocolate Light Chocolate 4,000 cases $14.50 per hr. 12,300 cases $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 10. BE.23-03.EXCEL.ALGO Actual production (cases) 3,800 Light Chocolate 12,800 Actual Price per Pound Actual Pounds Purchased and Used Cocoa Sugar $4.40 0.55 144,900 195,600 Actual Labor Rate Actual Labor Hours Used Dark chocolate Light chocolate Required: $14.00 per hr. 15.00 per hr. 1,380 6,560 Bas the followina vadanos sanlucar for bath chocolator and the total bread on the schaal vocults and senduction lauale, st the and of the hudant unser Progress: 7/10 items Check My Work Assignment Score: 50% All work saved. Previous Next Save and Exit Submit Assignment for Grading < > [REQUIRED] Chapter 23 Homework [REQUIRED] Chapter 23 Homework 1. EX.23.01.ALGO 2. EX.23.02.ALGO 3. EX.23.04.ALGO C CengageNOWv2 | Online teaching and le... eBook Cocoa Sugar Dark chocolate Light chocolate v2.cengagenow.com C | Chegg.com C Flexible Budgeting and Variance Analysis... G calculator - Google Search Actual Price per Pound Actual Pounds Purchased and Used $4.40 144,900 0.55 195,600 Actual Labor Rate Actual Labor Hours Used $14.00 per hr. 15.00 per hr. 1,380 6,560 4. EX.23.07.ALGO 5. EX.23.08.ALGO 6. PR.23.01A.ALGO 7. PR.23.02A.ALGO 8. PR.23.03A.ALGO 9. BE.23-02.EXCEL.ALGO 10. BE.23-03.EXCEL.ALGO 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 cost variance b. Direct labor rate variance Direct labor time variance Total direct labor cost variance 2. The variance analyses should be based on the If the amounts at volumes. The budget must flex with the volume changes. production. In this way, spending from volume changes can be separated 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 from efficiency and price variances. Progress: 7/10 items Check My Work Assignment Score: 50% All work saved. Previous Next Save and Exit Submit Assignment for Grading