Feuble Hudgeting and variance Analysis I Love My Chulale Company makes dark chocolate and lot oculale. Uul products require and buyer. The Tullowing planning formation has been made available: Standard Amount per Case Dark Chocolate Light Chocolate Standard Price per Pound QUOS Glus SA 180 Sugar 7 lbs. 11 lbs. 0.60 Standard laborume 1,3 0.4 h Hark Chocolate Light chocolate Planned production 4,900 CASAS 11.60 CASS Standard labor face $13.00 per $13.00 per hr I Love My Uholdle Company does not expect there be sy begirmy or ending inventories of UCUN BUGST. Ml the end of the budget year, I Love My Chocolate Company had the fullying oual results Dark Chocolate Light Chocolate Actual production (cases) 1,700 12 100 Actual Price per Pound Actual Pounds Purchased and Used Cocoa $4.90 115,500 Sugar 11.55 161,900 Actual Labor Hours Used Actual Labor Rate 1,200 Dark chocolate Light chocolate Required: $12.00 per hr. 13.40 hr. 4.060 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 vanica, direct materials quantity varians, and total variance. D. Direct laborale Vance, direct laborme variance, and total vanance Enter a favorable variance as a negative number using a minus sign and an unfavorable variante a positive number Direct materials price variance Direct material quante variance loll de las costa b. Direct laborate variance Direct labore Tatal direct laborcu variance 2. The variance analyses should be based on the amountat evaluation should reflect the change in direct materials and direct labur that will be required for the volumes. The budget must riex with the volume changes. In the volume is different from the planned volume, as it was in this case, then the budget used for performance production. In this way, spending from volume changes can be sepseled from efficiency and price variances Feuble Hudgeting and variance Analysis I Love My Chulale Company makes dark chocolate and lot oculale. Uul products require and buyer. The Tullowing planning formation has been made available: Standard Amount per Case Dark Chocolate Light Chocolate Standard Price per Pound QUOS Glus SA 180 Sugar 7 lbs. 11 lbs. 0.60 Standard laborume 1,3 0.4 h Hark Chocolate Light chocolate Planned production 4,900 CASAS 11.60 CASS Standard labor face $13.00 per $13.00 per hr I Love My Uholdle Company does not expect there be sy begirmy or ending inventories of UCUN BUGST. Ml the end of the budget year, I Love My Chocolate Company had the fullying oual results Dark Chocolate Light Chocolate Actual production (cases) 1,700 12 100 Actual Price per Pound Actual Pounds Purchased and Used Cocoa $4.90 115,500 Sugar 11.55 161,900 Actual Labor Hours Used Actual Labor Rate 1,200 Dark chocolate Light chocolate Required: $12.00 per hr. 13.40 hr. 4.060 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 vanica, direct materials quantity varians, and total variance. D. Direct laborale Vance, direct laborme variance, and total vanance Enter a favorable variance as a negative number using a minus sign and an unfavorable variante a positive number Direct materials price variance Direct material quante variance loll de las costa b. Direct laborate variance Direct labore Tatal direct laborcu variance 2. The variance analyses should be based on the amountat evaluation should reflect the change in direct materials and direct labur that will be required for the volumes. The budget must riex with the volume changes. In the volume is different from the planned volume, as it was in this case, then the budget used for performance production. In this way, spending from volume changes can be sepseled from efficiency and price variances