Flexible Budgeting and Varlance Analysis 1 Love My Chocolate Company makes dark chocolate and light chocolate. Both products available require cocoa and sugar. The following planning Information has been made Standard Amount per Case Dark Light Standard Price per Chocolate 10 lbs. 8 Ibs Chocolate Pound Cocoa Sugar Standard labor time 7 lbs 12 lbs 0.5 hr $4.20 0.60 0.4 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 Dark Chocolate 5,500 cases $16.50 per hr Light Chocolate 11,900 cases $16.50 per hr Company had the following actual results: Dark Chocolate Light Chocolate Actual production (cases) 5,200 12,400 Actual Price per Actual Pounds Purchased Pound and Used $4.30 0.55 Actual Labor Rate 39,500 185,600 Cocoa Sugar Actual Labor Hours Used Dark chocolate Light chocolate Reauired $16.20 per hr 16.80 per hr 1,890 6,350