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 12 lbs. 9 lbs. $5.00 Sugar 10 lbs. 14 lbs. 0.60 Standard labor time 0.4 hr. 0.5 hr. Dark Chocolate Light Chocolate Planned production 5,600 cases 12,300 cases Standard labor rate $14.50 per hr. $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: Dark Chocolate Light Chocolate Actual production (cases) 5,300 12,800 Actual Price per Pound Actual Pounds Purchased and Used Cocoa $5.10 179,700 Sugar 0.55 226,400 Actual Labor Rate Actual Labor Hours Used Dark chocolate $14.10 per hr. 1,930 Light chocolate 14.90 per hr. 6,560 Required: 1. Prepare the following variance analyses for both chocolates and the total, based on the actual results and production levels at the end of the budget year: a. Direct materials price variance, direct materials quantity variance, and total variance. b. Direct labor rate variance, direct labor time variance, and total variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. a. Direct materials price variance $ Direct materials quantity variance $ Total direct materials cost variance $ b. Direct labor rate variance $ Direct labor time variance $ Total direct labor cost variance $