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 Cocoa 12 lbs. 9 lbs. $4.60 Sugar 10 lbs. 14 lbs. 0.60 Standard labor time 0.3 hr. 0.4 hr. Dark Chocolate Light Chocolate Planned production 4,500 cases 10,300 cases Standard labor rate $13.00 per hr. $13.00 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 year, I Love My Chocolate Company had the following actual results: Dark Chocolate Light Chocolate Actual production (cases) 4,300 10,700 Actual Price per Pound Actual Pounds Purchased and Used Cocoa $4.70 148,600 Sugar 0.55 188,000 Actual Labor Rate Actual Labor Hours Used Dark chocolate $12.70 per hr. 1,170 Light chocolate 13.30 per hr. 4,390