Flexible Budgeting and Variance Analysis Belgian 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 Light Standard Price per Chocolate Chocolate Pound Cocoa Sugar Standard labor time 12 lbs 10 lbs 0.3 hr 9 lbs $4.2 14 lbs 0.6 0.4 hr Dark Chocolate 5,200 cases $13 per hr. Light Chocolate 10,000 cases $13 per hir. Planned production Standard labor rate Belgian Chocolate does not expect there to be any beginning or ending inventories of cocoa or sugar. At the end of the budget year, Belgian Chocolate had the following actual results: Dark Chocolate Light Chocolate Actual production 4,900 10,400 cases Actual Price per Actual Pounds Purchased Pound and IIcerd