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 Cocoa 10 lbs. 7 lbs. Sugar 8 lbs. 12 lbs. Standard labor 0.4 hr. 0.5 hr. time Planned production Standard Price per Pound $4.20 0.60 Dark Chocolate Light Chocolate 5,500 cases $15.00 per hr. 10,900 cases $15.00 per hr. Standard labor rate 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: Actual production (cases) Dark Chocolate Light Chocolate 11,300 Cocoa 5,200 Actual Price per Actual Pounds Purchased Pound and Used $4.30 131,800 Actual Price per Actual Pounds Purchased Cocoa Sugar Pound $4.30 and Used 131,800 0.55 172,800 Actual Labor Rate Actual Labor Hours Used Dark chocolate Light chocolate $14.60 per hr. 15.40 per hr. 1,890 5,790 Required: 1. Prepare the following variance analyses for both chocolates and the 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. 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