Cocoa Sugar Standard labor time Planned production Standard labor rate Actual production (cases) Dark Chocolate Light Chocolate 4,800 cases 10,000 cases $15.00 per hr. $15.00 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 Dark Chocolate Light Chocolate Cocoa Sugar 11 lbs. 9 lbs. 0.3 hr. b. 4,600 Actual Price per Pound $5.50 0.55 Actual Labor Rate Direct labor rate variance Direct labor time variance Total direct labor cost variance $14.60 per hr. 15.40 per hr. 8 lbs. 13 lbs. 0.4 hr. Dark chocolate Light chocolate Required: 1. Prepare the following variance analyses for both chocolates and the total, based on the 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. a. Direct materials price variance 4,840 Unfavorable Direct materials quantity variance Total direct materials cost variance $ $ Actual Pounds Purchased and Used 134,500 172,200 Actual Labor Hours Used 1,260 4,260 1080 000 10,400 X Unfavorable Unfavorable $5.40 0.60 Unfavorable Favorable Unfavorable ual results and production levels at the end of the budget year:

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 rote variance, direct laber 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