eBook 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 8 lbs 54,20 Sugar 9 lbs 13 lbs. 0.60 Standard labor time 0.3 h. 0.4 h Dark Chocolate Light Chocolate Planned production 5,100 case 13,200 cases Standard labor rate $15.00 per hir, $15.00 per hit love My Chocolate Company does not expect there to be any beginning or ending inventories of Cocos or sugar. At the end of the budget year I Love My Chocolate Company had the following actual results Dark Chocolate Light Chocolate Actual production (ses) 4,800 13,700 Actual Price per Pound Actual Pounds Purchased and used Cocoa $4.30 163,200 Sugar 0.55 215,000 Actual Labor Rate Actual Labor How Us Dark chocolate 514.70 1,310 Light chocolate 15.30 per 5,620 Required: 1. Prepare the following vanance 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 laborate variance, direct labor time vanance, and total variance Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number Direct materials price variance Direct materials quantity variance Total direct materials cost variance b. Direct labor rate variance Direct laborite variance III Total direct labor cost and 2. The variance analyses should be based on the unts at volumes. The budget must flex with the volume changes. If the volume diferent 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