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 11 lbs. 9 lbs Chocolate Pound 8 lbs Cocoa Sugar Standard labor time $4.50 13 lbs 0.60 0.3 hr 0.4 hr Dark Chocolate 4,400 cases $13.50 per hr Light Chocolate 9,800 cases $13.50 per hr. Planned production Standard labor rate 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