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 poundcocoa 12 lbs. 8 lbs. $7.25 sugar 10 lbs. 14 lbs. 1.40 standard labor time 0.50 hr. 0.60 hr. dark chocolate light chocolateplanned production 4,700 cases 11,000 cases standard labor rate $15.50 per hr. $15.50 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: dark chocolate light chocolateactual production (cases) 5,000 10,000 actual price per pound actual pounds purchased and usedcocoa $7.33 140,300 sugar 1.35 188,000 actual labor rate actual labor hours useddark chocolate $15.25 per hr. 2,360 light chocolate 15.80 per hr. 6,120required: 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: enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. direct materials price variance, direct materials quantity variance, and total variance. direct labor rate variance, direct labor time variance, and total variance. 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 $ 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. in this way, spending from volume changes can be separated from efficiency and price variances.

On april 1, 2017, jiro nozomi created a new travel agency, adventure travel. the following transactions occurred during the company’s first month. april 1 nozomi invested $30,000 cash and computer equipment worth $20,000 in the company in exchange for common stock.2 the company rented furnished office space by paying $1,800 cash for the first month's (april) rent.3 the company purchased $1,000 of office supplies for cash.10 the company paid $2,400 cash for the premium on a 12-month insurance policy. coverage begins on april 11.14 the company paid $1,600 cash for two weeks' salaries earned by employees.24 the company collected $8,000 cash on commissions from airlines on tickets obtained for customers.28 the company paid $1,600 cash for two weeks' salaries earned by employees.29 the company paid $350 cash for minor repairs to the company's computer.30 the company paid $750 cash for this month's telephone bill.30 the company paid $1,500 cash in dividends. the company's chart of accounts follows: 101 cash 405 commissions earned106 accounts receivable 612 depreciation expense—computer equip.124 office supplies 622 salaries expense128 prepaid insurance 637 insurance expense167 computer equipment 640 rent expense168 accumulated depreciation—computer equip. 650 office supplies expense209 salaries payable 684 repairs expense307 common stock 688 telephone expense318 retained earnings 901 income summary319 dividends use the following information: two-thirds (or $133) of one month’s insurance coverage has expired.at the end of the month, $600 of office supplies are still available.this month’s depreciation on the computer equipment is $500.employees earned $420 of unpaid and unrecorded salaries as of month-end.the company earned $1,750 of commissions that are not yet billed at month-end. required: 1. & 2. prepare journal entries to record the transactions for april and post them to the ledger accounts in requirement 6b. the company records prepaid and unearned items in balance sheet accounts.3. using account balances from requirement 6b, prepare an unadjusted trial balance as of april 30.4. journalize and post the adjusting entries for the month and prepare the adjusted trial balance.5a. prepare the income statement for the month of april 30, 2017.5b. prepare the statement of retained earnings for the month of april 30, 2017.5c. prepare the balance sheet at april 30, 2017.6a. prepare journal entries to close the temporary accounts and then post to requirement 6b.6b. post the journal entries to the ledger.7. prepare a post-closing trial balance.

What is the relationship between marginal external cost, marginal social cost, and marginal private cost? a. marginal social cost equals marginal private cost plus marginal external cost. b. marginal private cost plus marginal social cost equals marginal external cost. c. marginal social cost plus marginal external cost equals marginal private cost. d. marginal external cost equals marginal private cost minus marginal social cost. marginal external cost a. is expressed in dollars, so it is not an opportunity cost b. is an opportunity cost borne by someone other than the producer c. is equal to two times the marginal private cost d. is a convenient economics concept that is not real

Andrea cujoli is a currency speculator who enjoys "betting" on changes in the foreign currency exchange market. currently the spot price for the japanese yen is ¥129.87/$ and the 6-month forward rate is ¥128.53/$. andrea would earn a higher rate of return by buying yen and a forward contract than if she had invested her money in 6-month us treasury securities at an annual rate of 2.50%. true/false?