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Belgian Chocolate Company makes dark chocolate and light chocolate. Bath products require cocoa and sugar. The following planning information has been made available: Dark Chocolate Light Chocolate Standard Price per pound Cocoa 10 lbs 7 lbs $4.50 Sugar 8 lbs 12 lbs 0.65 Standard Labor time 0.35 hr 0.40 hr Dark Chocolate Light Chocolate Planned production 4,200 Cases 10,500 cases Standard labor rate $14.50 per hr. $14.50 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) 4,000 11,000 Actual Price per Pound Actual Pounds Purchased and Used Cocoa $4.60 1,270 Sugar 0.60 160,000 Actual labor rate Actual labor hours used Dark Chocolate $13.90 per hr 1270 Light Chocolate 14.90 per hour 4500 1. Prepare the following variance analyses for both chocolate and total, based on the actual results and production levels at the end of the budge year: a. Direct Materials price, quantity, and total variance b. Direct labor rate, time, and total variance 2. Why are the standard amounts in part 1 based on the actual production for the year instead of the planned production for the year?
The full disclosure principle, as adopted by the accounting profession, is best described by which of the following?
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How do you determine the filing date and extended filing date for income tax returns?
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