Flexible Budgeting and Variance Analysis Sharon's Delights Chocolate Company makes dark chocolate and light chocolate. Both products require cocoa and sugar. The following planning information has been made avallable: Sharon's Delights Chocolate Company does not expect there to be any beginning or ending iaventories of cocea or sugar, At the end of the budget year, sharon's Delights Chocolite 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 vear: a. Direct materials price variance, Airect materals quantity variance, and total variance. b. Direct labor rate variance, drect labor time variance, and total variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a posive number. 2. The variance analves thould be based on the ameunts at volumes. The budget must fex with the volume changes. If the volume is different from the planned volume, as it was in this case, then the bodget used for performance evaluation shoyld raflect the-change in direct maleriais and direct labor that will be required for the preduction. In this may, spending from volume changes can be separated from emonch and price variances