Flexible Budgeting and Variance Analysis I Love My 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 Cocoa 12 lb. 9 lb. $5.2 Sugar 10 lb. 14 lb. 0.6 Standard labor 0.4 hr. time 0.5 hr. Pound Planned production Standard labor rate Dark Chocolate 5,500 cases $14 per hr. Light Chocolate 13,100 cases $14 per hr. I Love My Chocolate 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: Dark Chocolate Light Chocolate Actual production 5,200 13,600 (cases) Actual Price per Actual Pounds Purchased and Pound Used Cocoa $5.3 185,700 Sugar 0.55 236,300 Actual Labor Rate Actual Labor Hours Used Dark chocolate $13.7 per hr. 1,890 Light chocolate 14.3 per hr 6,970 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: a. Direct materials price variance, direct materials quantity variance, and total variance. b. Direct labor rate variance, direct labor time variance, and total variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. If there is no variance, enter a zero. 18,570 X Unfavorable a. Direct materials price variance Direct materials quantity variance Total direct materials cost variance b. Direct labor rate variance Direct labor time variance Total direct labor cost variance $ s