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 \begin{tabular}{lcrr} \hline & Dark Chocolate & Light Chocolate & standard Price per Pound \\ \hline Cocoat & 9 ibs. & 6 lbs. & 55.10 \\ Sugar & 7 lbs, & 11 lbs. & 0.60 \\ Standard labor time & 0.3hr. & 0.4he, & \end{tabular} \begin{tabular}{lll} & Dark Chocolate & Light Chocolate \\ \hline Planned aroduction & $,700 cases & 13,800 cases \\ Standard labor rate & $14.50 per hr. & $14.50 per hr. \end{tabular} I Love My Chocolate Company does not expect there to be any beginning or ending inventories of cocoa or supar. At the end of the budgot year, I Love My Chocolate Company had the following actual results: 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 yrart a. Dfect materias prise variance, direct materiaks euanhty variancer, and total variance. b. Direct-laboe rate variance, direct taboe time variance, and total variance. Enter a favornble variance as a negotive number using a minus sign and an unbvorable varlance as a positive number. 2. The variance analyses should be based on the amounts at volumes. The budget must flex with the volume changes. If the wolume is different from the planned volume, as it was in this case, then the budget used for performance evaluation should reflect the change in direct materials and direct labor that will be required for the variances