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 12 lbs. 9 lbs. Standard Price per Pound Cocoa $5.40 10 lbs. 14 lbs. 0.60 Sugar Standard labor time 0.4 hr. 0.5 hr. Dark Chocolate Light Chocolate Planned production 4,100 cases 11,600 cases Standard labor rate $13.00 per hr. $13.00 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: Dark Chocolate Light Chocolate Actual production (cases) 3,900 12,100 Actual Price per Pound Actual Pounds Purchased and Used Cocoa $5.50 156,500 Sugar 0.55 203,200 Actual Labor Rate Actual Labor Hours Used Dark chocolate $12.60 per hr. 1,420 Light chocolate 13.40 per hr. 6,200 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. . 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 Unfavorable Direct materials quantity variance Unfavorable Total direct materials cost variance Unfavorable bio bol b. Direct labor rate variance Unfavorable Direct labor time variance Unfavorable Total direct labor cost variance Unfavorable