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 10 lbs. 7 lbs. $4.70 8 lbs. 12 lbs. 0.60 Standard labor time 0.4 hr. 0.5 hr. Dark Chocolate Light Chocolate Planned production Standard labor rate 5,800 cases $15.00 per hr. 14,000 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, I Love My Chocolate Company had the following actual results: Dark Chocolate Light Chocolate Actual production (cases) 5,500 14,600 Actual Price per Pound $4.80 Actual Pounds Purchased and Used Sugar 0.55 158,000 213,700 Actual Labor Rate Dark chocolate Light chocolate $14.70 per hr. 15.30 per hr. Actual Labor Hours Used 2,000 7,480 Required: Check My Work Previous Next >