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 Sugar 12 lb. 9 lb. 10 lb. 14 lb. Standard labor 0.3 hr. 0.4 hr. time Standard Price per Pound $4.3 0.6 Planned production Standard labor rate Dark Chocolate Light Chocolate 5,600 cases $13.5 per hr. 11,400 cases $13.5 per hr. I 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) Light Chocolate 11,900 Actual Pounds Purchased and Used 5,300 Actual Price per Pound Cocoa Sugar $4.4 0.55 Actual Labor Rate Dark chocolate $13.1 per hr. Light chocolate 13.9 per hr. Required: Check My Work 171,600 214,100 Actual Labor Hours Used 1,450 4,880 Previous