(W10,23) sorry long question but really need help

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 lbs. $5.30 Sugar 7 lbs. 11 lbs. 0.60 Standard labor time 0.4 hr. 0.5 hr Dark Chocolate Light Chocolate Planned production 5,400 cases 12,700 cases $14.50 per hr. Standard labor rate $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 vear I Love My Chocolate Company had the following actual results: Dark Chocolate Light Chocolate Actual production (cases) 5,100 13,200 Actual Price per Pound Actual Pounds Purchased and Used Cocoa 125,700 $5.40 0.55 Sugar 176.400 Actual bor Hate 5,100 13,200 Actual Price per Pound Actual Pounds Purchased and Used Cocoa $5.40 125,700 Sugar 0.55 176,400 Actual Labor Rate Actual Labor Hours Used Dark chocolate $14.00 per hr. 1,860 Light chocolate 15.00 per hr. 6,760 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. Unfavorable a. Direct materials price variance Unfavorable Direct materials quantity variance Unfavorable Total direct materials cost variance - eBook 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 Unfavorable Direct materials quantity variance Unfavorable Total direct materials cost variance Unfavorable Unfavorable Favorable Direct labor time variance Total direct labor cost variance Unfavorable amounts at actual volumes. The budget must flex with the volume 2. The variance analyses should be based on the standard changes. If the actual volume is different from the planned volume, as it was in this case, then the budget used for performance evaluation production. In this way, spending from volume should reflect the change in direct materials and direct labor that will be required for the actual changes can be separated from efficiency and price variances. Feedback Check My Work The thought of as decreasing costs fa credit) b. Direct labor rate variance eBook Analyze Valley Hospital's admissions time variance Valley Hospital began using standards to evaluate its Admissions Department. The standard was broken into two types of admissions as follows: Standard Time to Type of Complete Admission Record Admission Unscheduled 40 min. Scheduled 20 min. The unscheduled admission took longer because name, address, and insurance information needed to be determined and verified at the time of admission. Information was collected on scheduled admissions prior to admitting the patient, thus requiring less time in admissions. The Admissions Department employs four full-time people for 40 hours per week at $12 per hour. For the most recent week, the department handled 132 unscheduled and 240 scheduled admissions. a. How much was actually spent on labor for the week? b. What are the standard hours for the actual volume of work for the week? (Round to the nearest whole hour.) hours c. Compute the direct labor time variance, and report how well the department performed for the week. In your computation, round the standard direct labor rate to the nearest whole cent. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive admission. Information was collected on scheduled admissions prior to admitting the patient, thus requiring less time in admissions. on needed to be determined and vented at the time of The Admissions Department employs four full-time people for 40 hours per week at $12 per hour. For the most recent week, the department handled 132 unscheduled and 240 scheduled admissions. a. How much was actually spent on labor for the week? b. What are the standard hours for the actual volume of work for the week? (Round to the nearest whole hour.) hours c. Compute the direct labor time variance, and report how well the department performed for the week. In your computation, round the standard direct labor rate to the nearest whole cent. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Time variance Favorable Which of the following t ctors may cause a favorable direct labor time variance for the Admissions Department? All of the above.. Feedback Check My Work