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 lb. 8 lb. Sugar 9 lb. 13 lb. $4.8 0.6 Standard labor time 0.3 hr. 0.4 hr. Planned production Dark Chocolate Light Chocolate 5,700 cases $13.5 per hr. 10,100 cases $13.5 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: Dark Chocolate Actual production (cases) 5,400 Cocoa Light Chocolate 10,500 Actual Price per Pound Actual Pounds Purchased and Used $4.9 144,100