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 Chocolate Light Chocolate Standard Price per Pound Cocos 12 lbs 8 lbs $7.25 Sugar 10 lbs 14 lbs. 1.40 Standard labor time 0.50 hr. 0.60.hr Dark Chocolate Light Chocolate Planned production 4,700 cases 11,000 cases Standard labor rate $15.50 per hr $15.50 per hr 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 yes, I Love My Chocolate Company had the following actual results Dark Chocolate Light Chocolate Actual production (cases) 5,000 10,000 Actual Price per Pound Actual Pounds Purchased and Used Cocoa $7.33 140,300 Sugar 1:35 188,000 Actual Labor Rate Actual Labor Hours Used Dark chocolate $15.25 per hr 2,360 Light chocolate 15.50 per hr 6.120