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. $5.10 Sugar 10 lbs. 14 lbs. 0.60 Standard labor time 0.4 hr. 0.5 hr. Planned production Standard labor rate Dark Chocolate Light Chocolate 5,600 cases 12,000 cases $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) 5,300 12,500 Actual Price per Pound Actual Pounds Purchased and Used Cocoa Sugar $5.20 177,000 0.55 222,300 Actual Labor Rate Actual Labor Hours Used