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. 9 lbs. 13 lbs. $4.70 0.60 Standard labor time 0.3 hr. 0.4 hr. Planned production Dark Chocolate Light Chocolate 4,500 cases $15.00 per hr. 10,300 cases $15.00 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: Dark Chocolate Light Chocolate Actual production (cases) 4,300 10,700 Actual Price per Pound Actual Pounds Purchased and Used Cocoa Sugar $4.80 133,600 0.55 173,400 Actual Labor Rate Actual Labor Hours Used Dark chocolate Light chocolate $14.70 per hr. 1,170 15.30 per hr. 4,390