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 12 lbs. 8 lbs. $7.25 10 lbs. 14 lbs. 1.40 Standard labor time 0.50 hr. 0.60 hr. Planned production Dark Chocolate 4,700 cases Light Chocolate 11,000 cases $15.50 per hr. Standard labor rate $15.50 per hr. 1 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 10,000 Dark Chocolate Actual production (cases) 5,000 Actual Price per Pound Actual Pounds Purchased and Used. Cocoa $7.33 140,300 Sugar 1:35 188,000 Actual labor Rate Actual Labor Hours Used