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 Cocoa 11 lbs. Light Chocolate 8 lbs. Standard Price per Pound $5.10 Sugar 9 lbs. 13 lbs. 0.60 Standard labor time 0.4 hr. 0.5 hr. Dark Chocolate Light Chocolate Planned production 4,000 cases 12,600 cases $14.00 per hr. Standard labor rate $14.00 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: Light Chocolate 13,100 Actual Pounds Purchased and Used Dark Chocolate Actual production (cases) 3,800 Actual Price per Pound Cocoa Sugar Dark chocolate Light chocolate $5.20 147,300 0.55 199,400 Actual Labor Rate Actual Labor Hours Used $13.60 per hr. 1,380 14.40 per hr. 6,710 Required: