2. (30points) Cocoa Delights Chocolate Company makes dark chocolate and light chocolate. Both products require cocoa and sugar. The following planning information has been made available: Standard Quantity Dark Chocolate Light Chocolate Standard Price per Pound Cocoa 12 lbs Blbs $4.50 Sugar 9 lbs 13 lbs 065 Standard labor time 035 hr. 0.50 h. Planned production 3,000 cases 5,000 cases Standard labor rate $14.40 per hr $14.00 per hr Cocoa Delights Chocolate does not expect there to be any beginning or ending inventories of cocoa or sugar. At the end of the budget year, Cocoa Delights Chocolate had the following actual results: Dark Chocolate Light Chocolate Actual production (cases) 2,800 5.500 Actual Price per Pound Actual Pounds Purchased and Used Cocoa $4.65 76.900 Sugar 0.55 97,500 Actual Labor Rate Actual Labor Hours Used Dark chocolate $14.25 per hr 960 Light chocolate 14.25 per hr 2.780 Instructions Prepare the following variance analyses, based on the actual results and production levels at the end of the budget year: a. Direct materials price, quantity, and total variance. b. Direct labor rate, time, and total variance