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Flexuble Budgeting and Variance Analysis I Love My Chocolate Company makes dark chocolate and light chacolate. Both products require cocoo and sugar. The following plarning informotion has been made avasilablo: I towe My Chocolote Company does fiot expect there to be any beginning or ending unventaries of cocoa or sugac At the and of the budget year, I Love My Chocolate Company had the following actual results: 1. Preose the following variance anaines for both chocolates and the total, based on the actiual results and production levels at the end of the budget vear. Fister a fiviorable 2. Ditect materialis zince varianion, direct materials quantity vanance, ond total varionce. 1. Prepare the folibwing 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 favorabie variance as a negative number using a minus sugn and an unfavorable variarice as a positive number. a. Direct materials price yariance, direct materials quantity varlance, and total variance b. Direct labor tatin varianee, direct labor tame variance, and total variance. 2. The veriance analvate shoul be beied on the arneunits ot voluame is difforent from the planned volume, as it was in this cate. then the tedoet volumes. The budget maist Alex mith the volume changes. If the Materiais anil direct lahor that will lie ieguired for tile variances. wertormance evaliabon should reflect the sthange in dorect