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Swiss Chocolate's U.S. division is experiencing an increase in demand for the month of October due to the upcoming holiday season. The following fact pattern forms the basis for the static budget:
Swiss Chocolate Manufacturing Company
Variable costs total
Fixed costs total
Raw materials
$ 200,000
Direct manufacturing labor
$ 100,000
Indirect manufacturing labor
$ 52,500
Factory insurance and utilities
$ 31,500
Depreciation - machinery and factory
$ 38,500
Repairs and maintenance - factory
$ 14,000
Selling, marketing and distribution expenses
$ 20,000
$ 40,000
General and administrative expenses
$ 60,000
Variable cost and volume data
Milk chocolate
Raw materials = 0.25 lbs x $2.00/lb.
$ 0.50
Direct labor = 0.025 hr x $10/hr.
$ 0.25
Volume in units
400,000
Sales per unit are $2.65.
Required:
Total direct costs incurred for October
Raw materials = 135,000 lbs. used
$ 300,000
Direct labor = 12,000 hrs. incurred
$ 112,600
515,000
Using the three-pronged method to present your calculations, compute the direct materials price variance, the direct materials efficiency variance, the labor price variance, and the labor efficiency variance. Indicate whether these are favorable or unfavorable.
Your paper should meet the following requirements:
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