Standard Amount per Case Dark Chocolate Light Chocolate Standard Price per Pound Cocoa 11 lbs....
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Standard Amount per Case Dark Chocolate Light Chocolate Standard Price per Pound Cocoa 11 lbs. 8 lbs. $4.50 Sugar 9 lbs. 13 lbs. 0.60 Standard labor time 0.3 hr. 0.4 hr. Dark Chocolate Light Chocolate Planned production 4,800 cases 10,700 cases Standard labor rate $16.00 per hr. $16.00 per hr. 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: Light Chocolate Actual production (cases) Dark Chocolate 4,600 Actual Price per Pound 11,100 Actual Pounds Purchased and Used Cocoa $4.60 140,100 Sugar 0.55 181,100 Actual Labor Rate Actual Labor Hours Used Dark chocolate $15.60 per hr. 1,260 Light chocolate 16.40 per hr. 4,550 Required: 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. Direct labor rate variance, direct labor time variance, and total variance
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