Flexible Budgeting and Variance AnalysisI Love My Chocolate Company makes dark chocolate and light chocolate. Both products require cocoa and sugar. The following planning information has been madeavailable:Standard Amount per CaseDark ChocolateLight ChocolateStandard Price per PoundСосоа9 Ibs.6 Ibs.$4.70Sugar7 Ibs.11 Ibs.0.60Standard labor time0.3 hr.0.4 hr.Dark ChocolateLight ChocolatePlanned production4,100 cases11,400 casesStandard labor rate$16.50 per hr.$16.50 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 ChocolateCompany had the following actual results:Dark ChocolateLight ChocolateActual production (cases)3,90011,900Actual Price per PoundActual Pounds Purchased and UsedСосоа$4.80107,000Sugar0.55154,200Actual Labor RateActual Labor Hours UsedDark chocolate$16.00 per hr.1,060Light chocolate17.00 per hr.4,880

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Flexible Budgeting and Variance Analysis I Love My Chocolate Company makes dark chocolate and light chocolate. Both products require cocoa and sugar. The following planning information has been made available: Cocoa Sugar Standard labor time Standard Amount per Case Light Chocolate Planned production Standard labor rate Dark Chocolate 9 lbs. 7 lbs. 0.3 hr. Dark Chocolate 6 lbs. 11 lbs. 0.4 hr. Light Chocolate 4,100 cases 11,400 cases $16.50 per hr. $16.50 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: Standard Price per Pound $4.70 0.60

Flexible Budgeting and Variance Analysis I Love My Chocolate Company makes dark chocolate and light chocolate. Both products require cocoa and sugar. The following planning information has been made available: Cocoa Sugar Standard labor time Standard Amount per Case Light Chocolate Planned production Standard labor rate Dark Chocolate 9 lbs. 7 lbs. 0.3 hr. Dark Chocolate 6 lbs. 11 lbs. 0.4 hr. Light Chocolate 4,100 cases 11,400 cases $16.50 per hr. $16.50 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: Standard Price per Pound $4.70 0.60

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Practice problem Lumber and Cabinetry. The Lumber Division is responsible for harvesting and preparing lumber for use; the Cabinetry Division produces custom-ordered cabinetry. The lumber produced by the Lumber Division has a variable cost of $3.00 per linear foot and full cost of $4.00. Comparable quality wood sells on the open market for $9.00 per linear foot.1. Assume you are the manager of the Cabinetry Division. Determine the maximum amount you would pay for lumber.2. Assume you are the manager of the Lumber Division. Determine the minimum amount you would charge for the lumber if you have excess capacity. Repeat assuming you have no excess capacity.
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compute Actual number of machine-hours used per output unit
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Flexible Budgeting and Variance Analysis I Love My 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 12 lb. 9 lb. $4.9 Sugar 10 lb. 14 lb. 0.6 Standard labor time 0.4 hr. 0.5 hr. Dark Chocolate Light Chocolate Planned production 5,000 cases 11,300 cases Standard labor rate $15 per hr. $15 per hr. I Love My Chocolate 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: Dark Chocolate Light Chocolate Actual production (cases) 4,800 11,800 Actual Price per Pound Actual Pounds Purchased and Used Cocoa $5 164,600 Sugar 0.55 207,900 Actual Labor Rate Actual Labor Hours Used Dark chocolate…
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Please review part A. It isn't correct