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. Sugar Standard 10 lbs. 14 lbs. $4.50 0.60 0.4 hr. 0.5 hr. labor time Dark Light Chocolate Chocolate Planned production 5,700 cases Standard labor 10,300 cases rate $13.50 per hr. $13.50 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 year, I Love My Chocolate Company had the following actual results: Dark Chocolate Light Chocolate Actual production (cases) Cocoa Sugar 5,400 Actual Price per Pound 10,700 Actual Pounds Purchased and Used $4.60 161,900 0.55 198,700 Actual Labor Actual Labor Hours Rate Used Dark chocolate Light chocolate Required: $13.20 per hr. 13.80 per hr. 1,970 5,480 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.