ect I Love My Chocolate Company makes dark chocolate and light chocolate. Buul p cocoa and sugar. The following planning information has been made available: PR 22-2A Flexible budgeting and variance analysis Standard Price per Pound $7.25 1.40 Standard Amount per Case Light Chocolate Dark Chocolate 12 lbs. 10 lbs 8 lbs. 14 lbs. Cocoa Sugar Standard labor time ATE 0.50 hr 0.60 hr Dark Chocolate 4,700 cases $15.50 per hr. Light Chocolate 11,000 cases $15.50 per hr. Planned production Standard labor rate I Love My Chocolate Company does not expect there to be any beginning or ending inven- tories of cocoa or sugar. At the end of the budget year, I Love My Chocolate Company had the following actual results: Dark Chocolate 5,000 Light Chocolate 10,000 Actual production (cases) Actual Price per Pound $7.33 1.35 Actual Labor Rate $15.25 per hr Actual Pounds Purchased and Used 140,300 188,000 Cocoa Sugar Dark chocolate Light chocolate Actual Labor Hours Used 2,360 6,120 15.80 per hr. Instructions 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, quantity, and total variance. B. Direct labor rate, time, and total variance. Why are the standard amounts in part (1) based on the actual production for the year instead of the planned production for the year