1. PR.23.02A.ALGO 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 9 lbs. 6 lbs. $4.30 Sugar 7 lbs. 11 lbs. 0.60 Standard labor time 0.3 hr. 0.4 hr. Planned production Standard labor rate Dark Chocolate Light Chocolate 3,900 cases $16.50 per hr. 10,600 cases $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: Light Chocolate Dark Chocolate Actual production (cases) 3,700 11,000 Actual Price per Pound Actual Pounds Purchased and Used Cocoa Sugar $4.40 99,800 0.55 143,200 Actual Labor Rate Actual Labor Hours Used Dark chocolate Light chocolate $16.00 per hr. 17.00 per hr. 1,010 4,510 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. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Check My Work Progress: 1/1 items