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 Sugar 12 lb. 9 lb. $5.1 10 lb. 14 lb. 0.6 Standard labor 0.3 hr 0.4 hr. time Planned production Standard labor rate Dark Chocolate Light Chocolate 5,400 cases $16.5 per he 11,900 cases $16.5 per he 1 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 Actual production (cases) 5,100 Sugar Light Chocolate 12,400 Actual Price per Pound Actual Pounds Purchased and Used $5.2 173,700