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 Light Standard Price per Chocolate Chocolate Pound 10 lbs 7 ibs $5.40 Sugar 8 lbs 12 lbs. 0.60 Standard labor 0.3 hr. 0.4 hr. Cocoa me I Dark Chocolate Light Chocolate Planned production 4,000 cases 11,400 cases Standard labor rate $15.00 per hr $15.00 per hr I Love My Chocolate Company does not expect there to be any beginning or ending inventories of cocon 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) 3,800 11,900 Actual Price per Pound Actual Pounds Purchased and Used Cocoa $5.50 121,900 Sugar 0.55 168,900 Actual Labor Rate Actual Labor Hours Used Dark chocolate $14.50 per hr. 1,040 Light chocolate 15.50 per hr. 4,880 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 variarice. 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. If there is no variance, enter a zero. Direct materials price variance Direct materials quantity variance Total direct materials cost variance b. Direct labor rate variance Direct labor time vanance (11 Total direct labor cost variance tril