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. $4.60 Sugar 10 lbs. 14 lbs. 0.60 Standard labor time i 0.4 hr. 0.5 hr. Dark Chocolate Light Chocolate Planned production 3,900 cases Dark Chocolate Actual production (cases) 3,700 Standard labor rate $14.50 per hr. 11,100 cases $14.50 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 veac I Love My Chocolate Company had the following actual results: Light Chocolate 11,500 Sugar Actual Price per Pound $4.70 Actual Pounds Purchased and Used 148,600 0.55 193,100 Actual Labor Rate Actual Labor Hours Used Previous