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 lbs. 8 lbs. $5.10 Sugar 9 lbs. 13 lbs. 0.60 Standard labor time 0.3 hr. 0.4 hr. Planned production Dark Chocolate Light Chocolate 4,600 cases $16.00 per hr. 12,500 cases $16.00 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) 4,400 13,000 Actual Price per Pound Actual Pounds Purchased and Used Cocoa Sugar $5.20 153,200 0.55 203,400 Actual Labor Rate Actual Labor Hours Used Dark chocolate $15.50 per hr. 1,200