1. a. Direct erials quantity ance, $(625) F 00.0 100 PR 9-2A Flexible budgeting and variance analysis Obj. 1,2,3 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: KCEL TEMPLATE Standard Amount per Case Dark Chocolate Light Chocolate Standard Price per Pound Cocoa Sugar 12 lbs. 8 lbs. $7.25 10 lbs. 14 lbs. 1.40 Standard labor time 0.50 hr. 0.60 hr. Dark Chocolate Light Chocolate Planned production Standard labor rate $15.50 per hr. I Love My Chocolate Company does not expect there to be any beginning or ending inven- tories of cocoa or sugar. At the end of the budget year, I Love My Chocolate Company had the following actual results: 4,700 cases $15.50 per hr. 11,000 cases 220 Doubm Actual production (cases) Dark Chocolate 5,000 Light Chocolate 10,000 Actual Price per Pound Actual Pounds Purchased and Used Cocoa Sugar $7.33 1.35 140,300 188,000 Dark chocolate on Light chocolate Actual Labor Rate $15.25 per hr. 15.80 per hr. Actual Labor Hours Used 2,360 6,120 Instructions gnhutoalunsm non not abisbriste Aa-e R9 1. Prepare the following variance analyses for both chocolates and the total, based on the actual Tresults and production levels at the end of the budget year: Duboi di 2. a. Direct materials price, quantity, and total variance. b. Direct labor rate, time, and total variance. Why are the standard amounts in part (1) based on the actual production for the year instead of the planned production for the year?llo 199 ma PIC COLLAGE