ebook Panthem Flexible Budgeang and anance Analysis 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 12 lbs. 9 lbs. $4.20 10 lbs. 14 lbs. 0.60 Sugar Standard labor time 0.4 hr. 0.5 h Dark Chocolate Light Chocolate Planned production 4,700 cases 13,800 cases Standard labor rate $14.00 per hr. $14.00 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 Chocolate Company had the following actual results: Dark Chocolate Light Chocolate Actual production (cases) 4,500 14,400 Actual Price per Pound Actual Pounds Purchased and Used $4.30 184,500 Sugar 240,400 Actual Labor Rate Actual Labor Hours Used Cocoa 0.55 Previous Next eBook Print Item Actual Labor Rate Actual Labor Hours Used 1,640 7,380 Dark chocolate $13.50 per hr Ught chocolate 14.50 per hr Required: 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 rate variance, direct labor time variance, and total varlance. Enter a favorable variandis as a negative number using a minus sign and an unfavorable variance as a positive number. Direct materials price variance -1,845 x Unfavorable Direct materials quantity variance Unfavorable Total direct materials cost variance Unfavorable a.