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 Sugar 10 lbs. Light Chocolate 7 lbs. Standard Price per Pound $4.80 8 lbs. 12 lbs. 0.60 Standard labor time 0.4 hr. 0.5 hr. Planned production Standard labor rate Dark Chocolate Light Chocolate 4,900 cases $14.50 per hr. 10,700 cases $14.50 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: Actual production (cases) Dark Chocolate Light Chocolate 4,700 11,100 Cocoa Sugar Actual Price per Pound $4.90 Actual Pounds Purchased and Used 125,300 0.55 166,500 Actual Labor Rate Actual Labor Hours Used Dark chocolate $14.00 per hr. 1,710 Light chocolate 15.00 per hr. 5,690 Required: Previous Nevt