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 11 lbs. 8 lbs. $5.20 Sugar 9 lbs. 13 lbs. 0.60 Standard labor time 0.3 hr. 0.4 hr. Dark Chocolate Light Chocolate Planned production 3,900 cases 10,400 cases $15.00 per hr. Standard labor rate $15.00 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: Light Chocolate 10,800 Actual Pounds Purchased and Used Dark Chocolate Actual production (cases) 3,700 Actual Price per Pound $5.30 127,700 Sugar 0.55 169,400 Actual Labor Rate. Actual Labor Hours Used Dark chocolate $14.70 per hr. 1,010 Light chocolate 15.30 per hr. 4,430 Bemulrad