Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. fexible budgeting and variance analysis 1 love my

Fexible Budgeting and Variance Analysis 1 Love My Chocolate Company makes dark chocolate and light...

50.1K

Verified Solution

Question

Accounting

image
image
Fexible Budgeting and Variance Analysis 1 Love My Chocolate Company makes dark chocolate and light chocolate. Both products require cocoa and sugar. The following planning information has been made available: 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 year, I Love My Chocolate Company had the following actual results: 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. Oirect 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. 2. The variance analyses should be based on the amounts at volumes. The budget must flex with the volume changes. If the volume is different from the planned volume, as it was in this case, then the budget used for performance evaluation should reflect the change in direct materials and direct labor that will be required for the production

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Camp Manufacturing turns over its inventory five times each year, has an average payment period of...

Finance
Q

The owners of a small manufacturing company have hired a manager to run the company with...

Finance
Q

Personal Finance For a $27,000 student loan with a 6% APR, how much of the payment will...

Finance
Q

19 Arginine is the most basic of the 20 amino acids because its side chain...

Biology
Q

How many different ways could three distinct days of the week be chosen so that...

Basic Math
Q

Integrate by parts 11 x in xdx X 12

Statistics
Q

Brief Exercise 8-5 Effect of treasury stock on the horizontal statements model The following information...

Accounting
Q

If subsidiary is not consolidated, then the investment must be reported based on: O Identifiable...

Accounting
Q

To analyze GM's financial standing for 2020, let's utilize various financial ratios across different categories:...

Accounting
Q

At the end of last year, Roberts Inc. reported the following income statement (in millions...

Finance
Q

Your factory has been offered a contract to produce a part for a new printer....

Finance
Q

This is a payroll problem. Could you please explain A,B 3....

Accounting