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 10 lbs. 7 lbs. $4.5 Cocoa 8 lbs. Sugar 12 lbs. 0.6 Standard labor 0.3 hr. 0.4 hr. time Light Chocolate Dark Chocolate Planned production 5,200 cases 11,000 cases $13 per hr. $13 per hr. 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 1,400 (cases) Actual Price per Actual Pounds Purchased Pound and Used 129,400 Cocoa $4.6 0.55 171,600 Sugar