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 Sugar 11 lbs. 8 lbs. $5.10 9 lbs. 13 lbs. 0.60 Standard labor time 0.4 hr. 0.5 hr. Planned production Dark Chocolate Light Chocolate 4,000 cases $13.00 per hr. 13,000 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: Light Chocolate Dark Chocolate Actual production (cases) 3,800 13,500 Actual Price per Pound Actual Pounds Purchased and Used Cocoa Sugar $5.20 150,500 0.55 204,500 Actual Labor Rate Actual Labor Hours Used Dark chocolate $12.70 per hr. 1,380 Light chocolate 13.30 per hr. 6,920 Required: