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 Sugar 11 lbs. 8 lbs. $5.10 9 lbs. 13 lbs. 0.60 Standard labor time 0.3 Mr. 0.4 hr Planned production Standard labor rate Dark Chocolate Light Chocolate 5,000 cases $15.00 per hr. 13,500 cases $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, 1 Love My Chocolate Company had the following actual results: Dark Chocolate Light Chocolate Actual production (cases) 4,800 14,000 Actual Price per Pound Actual Pounds Purchased and Used Cocoa Sugar $5.20 165,600 0.55 219,600 Actual Labor Rate Actual Labor Hours Used