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: 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: Required: Prepare the following variance analyses for both chocolates and total, based on the actual results and production levels at the end of the budget year: Direct materials price variance, direct materials .quantity; variance, and total variance. Direct labor rate variance, direct Iabor time variance, and total variance. Use the minus sign to enter favorable variances as negative numbers. Direct materials price variance: Direct materials quantity variance: Total direct materials cost variance: Direct labor rate variance: Direct labor time variance: Total direct labor cost 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