Flexible Budgeting and Variance Analysis I Love My Chocolate Company makes dark chocolate and light chocolate....

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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 10 lb. 7 lb. $5.1 8 lb. 12 lb. 0.6 Cocoa Sugar Standard labor 0.3 hr. 0.4 hr. time Planned production Dark Chocolate 5,500 cases $14 per hr. Light Chocolate 10,000 cases $14 per hr. Standard labor rate 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: Light Chocolate 10,400 Dark Chocolate Actual production (cases) 5,200 Actual Price per Pound Actual Pounds Purchased and Used Cocoa Sugar $5.2 0.55 125,400 Actual Labor Rate 162,200 Actual Labor Hours Used Dark chocolate $13.6 per hr. 1,420 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 10 lb. 7 lb. $5.1 8 lb. 12 lb. 0.6 Cocoa Sugar Standard labor 0.3 hr. 0.4 hr. time Planned production Dark Chocolate 5,500 cases $14 per hr. Light Chocolate 10,000 cases $14 per hr. Standard labor rate 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: Light Chocolate 10,400 Dark Chocolate Actual production (cases) 5,200 Actual Price per Pound Actual Pounds Purchased and Used Cocoa Sugar $5.2 0.55 125,400 Actual Labor Rate 162,200 Actual Labor Hours Used Dark chocolate $13.6 per hr. 1,420