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 Cocoa 10 lbs. 7 lbs. Sugar 8 lbs. 12 lbs. Standard labor 0.3 hr. 0.4 hr. time Standard Price per Pound $4.50 0.60 Planned production Dark Chocolate Light Chocolate 5,700 cases $13.00 per hr. 11,500 cases $13.00 per hr. Standard labor rate 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 Actual production Light Chocolate 12,000 5,400 (cases) Actual Price per Actual Pounds Purchased Pound and Used Sugar $4.60 0.55 138,700 182,500 Actual Labor Rate Actual Labor Hours Used Dark chocolate $12.50 per hr. 1,470