Fexible Budgetino and Variance Analysis Love My Chocolate Company makes dark chocolate and light chocolate. Both products require cocoa and sugar. The following planning information has been made available: 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: 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 yean Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. a. Direct materials price variance, direct materials quantity variance, and total variance. b. Direct labor rate variance, direct Iabor time variance, and total variance. 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. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. a. Direct matenals price yariance, direct materials quantity variance, and total variance. b. Direct labor rate variance, direct labor time variance, and total variance. 2. The variance analyses should be based on the ramounts at volumes. The budget must flex with the volume changes. If the volume is different from the planned volume, as it was in this case, then the budget used for performance evaluation sbould reflect the change in direct materials and direct labor that will be required fo the production. In this way, spending from volume changes can be separated from efficiency and price variances