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Chapter 23 Homework (Application) eBook Show Me How Office 365 Direct materials variances Bellingham Company produces a product that requires 2.3 standard pounds per unit. The standard price is $3.55 per pound. 16,300 units used 36,300 pounds, which were purchased at $3.75 per pound. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet What is the direct materials (a) price variance, (b) quantity variance, and (c) cost variance? Round your answers to the nearest dollar. 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 b. Direct materials quantity variance c. Direct materials cost variance Check My Work Previous Next Assignment Score: 7.69% All work saved. Save and Exit Submit Assignment for GradingChapter 23 Homework (Application) 1 eBook Show Me How Office 365 Direct labor variances Bellingham Company produces a product that requires 3 standard direct labor hours per unit at a standard hourly rate of $21.00 per hour. 15,200 units used 63,300 hours at an hourly rate of $19.50 per hour. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet What is the direct labor (a) rate variance, (b) time variance, and (c) cost variance? Round your answers to the nearest dollar. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. a. Direct labor rate variance b. Direct labor time variance c. Direct labor cost variance Check My Work Previous Next Assignment Score: 7.69% All work saved. Save and Exit Submit Assignment for GradingChapter 23 Homework (Application) eBook Show Me How Office 365 Factory overhead controllable variance Bellingham Company produced 15,100 units of product that required 4 standard direct labor hours per unit. The standard variable overhead cost per unit is $0.90 per direct labor hour. The actual variable factory overhead was $50,460. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. Open spreadsheet Determine the variable factory overhead controllable variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. $ Check My Work Previous Assignment Score: 7.69% All work saved. Save and Exit Submit Assignment for GradingChapter 23 Homework (Application) 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 Dark Chocolate Light Chocolate Standard Price per Pound Cocoa 9 lbs. 6 Ibs $4.30 Sugar 7 lbs. 1 1 lbs. 0.60 Standard labor time 0.3 hr. 0.4 hr Dark Chocolate Light Chocolate Planned production 1,600 cases 2,000 cases Standard labor rate $14.00 per hr. $14.00 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) 1,400 12,500 Actual Price per Pound Actual Pounds Purchased and Used Cocoa $4.40 115,200 sugar 0.55 164,100 Actual Labor Rate Actual Labor Hours Used Dark chocolate $13.50 per hr. 1,200 Light chocolate 14.50 per hr. 5,130 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 amounts at 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. Check My Work
