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 Light Chocolate 10 lbs. 8 Ibs. 0.3 hr Chocolate lbs. 12 lbs. 0.4 hr. Pound $5.30 0.60 Standard labor Dark C 4,100 cases $14.00 per hr Planned production Standard labor rate t Love My Chocolate Company does not expect there to be any beginning or ending inventories of cocoa or sugar. At the end of the Chocolate Company had the following actual results 12,800 cases $14.00 per hr budget year, I Love My Actual production (cases) 3,900 13,300 Actual Price per Actual Pounds Purchased Pound and Used