eBook Prothom Rexible Budgeting and Variance 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 10 lbs. 7s $4.50 Sugar Blbs 12 lbs 0.60 Standard labor time 03 h 0.4 hr. Dark Chocolate Light Chocolate Planned production 4.200 cases 11,700 cases Standard labor rate $16.50 per her $16.50 per hr I Love My Chocolate Company does not expect there to be any beginning or ending Inventones 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 (case) 4,000 12.200 Actual Price per Pound Actual Pounds Purchased and Used Coco $4.70 126,000 Sugar 0.55 173.900 Actual Labor Rate Actual Labor Hours Used Dark chocolate $16.00 per hr 1.090 Light chocolate 17.00 per hr 5.000 Required: 1. Prepare the following variance analys for bon chocolates and the total, based on the actual results and production levels at the end of the budget year Direct mai variand direct any wariance, and to avance D. Direct laborated, and total variance