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Belgian 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
11 lbs.
8 lbs.
$4.5
Sugar
9 lbs.
13 lbs.
0.6
Standard labor time
0.3 hr.
0.4 hr.
Planned production
4,600 cases
13,800 cases
Standard labor rate
$16.5 per hr.
Belgian Chocolate does not expect there to be any beginning or ending inventories of cocoa or sugar. At the end of the budget year, Belgian Chocolate had the following actual results:
Actual production (cases)
4,400
14,400
Actual Price per Pound
Actual Pounds Purchased and Used
$4.6
164,400
0.55
221,100
Actual Labor Rate
Actual Labor Hours Used
Dark chocolate
$16 per hr.
1,200
Light chocolate
17 per hr.
5,900
Required:
Prepare the following variance analyzed for both chocolates and total, based on the actual results and production levels at the end of the budget year:
Direct materials price variance, direct materials quantity variance, and total variance.
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, enter a zero.
a.
Direct materials price variance
$
Unfavorable
Direct materials quantity variance
Total direct materials cost variance
b.
Direct labor rate variance
Direct labor time variance
Total direct labor cost variance
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