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Fiexible Budgeting and Variance Ansiysis Thave My Chocolste Compary makes dark chocotate and light chocolate. Both products require cocoa and sugar, The following planning infocmation has been made avaitable: H teve My Chocolate Company does not expect there to be amy begineing of ending invernones of cocon or sugar. At the end of the budget year, the My Chocolate Cermeany had the folowing actual resultst 1. Prepore 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 materiais quantity variance, and total variance. b. Direct labor rate varlance, direct labor time variance, and total variance. Enter a tavorable variance as a negative number using a minus sign and an unkworable variance as a positive number. 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