Enter a favorable variance as a negative number using a

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Reference no: EM13589156

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	10 lbs.	7 lbs.	$5.20
Sugar	8 lbs.	12 lbs.	0.60
Standard labor time	0.50 hr.	0.60 hr.

	Dark Chocolate	Light Chocolate
Planned production	5,000 cases	11,100 cases
Standard labor rate	$13.50 per hr.	$13.50 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:

	Dark Chocolate	Light Chocolate
Actual production (cases)	4,800	11,500
	Actual Price per Pound	Actual Pounds Purchased and Used
Cocoa	$5.30	129,100
Sugar	0.55	172,000
	Actual Labor Rate	Actual Labor Hours Used
Dark chocolate	$13.00 per hr.	2,180
Light chocolate	14.00 per hr.	7,070

Required:

Prepare the following variance analyses 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	$
	Direct materials quantity variance	$
	Total direct materials cost variance	$

b.	Direct labor rate variance	$
	Direct labor time variance	$
	Total direct labor cost variance	$

Reference no: EM13589156

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