Flexible Budgeting and we I Love My Chocolate Company cakes dark chocolate and light chocolate both products roure cocos and more. The forewing plan information as seen andere Cacoa Standard Amount per Cave Dark Chocolate Light Chocolate 10 12 0.4 O.She 7 Standard Price per Pound $5.00 0.0 Sund labore Dark Chocolate Light Chocolate Pinned production 5.300 cases 11.000 cases Sundad laborate $16.50 per hr $16.50 per I Love My Chocolate Company does not expect there to be any beginning or ending inventores of Coco or sugar. At the end of the budget I love My Choc Company and the following actress Dark Chocolate Light Chocolate Actual production () 5.000 12.300 Actual Price per Pound Actual Pounds Purchased and Used 55.10 136,000 0.55 182.900 Actual Labor Rate Actual Labor Hours Used Dark chocolate $16.00 per tu. 1.820 Light chocolan 17.00 per 6.300 Hequired 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 bodoet year Die mees price versano, direct me qentity Vance, and total variance b. Direct laborate variance, direct labore, and total ance. Ched. My Work Next Urk Chocolate TIRANA Acha production (ches) 5,000 12,00 Actual Price per Pound Actus Pounds Purchased and Used Coco $5:10 13.00 SUGW 0.55 Actualibor Rate Actuallar Horsthed Dark Chocolate 516,00 per 1:10 ught choice 17.00 per Required 1. Prepare the following and analys for both chocolates and the total based on the actualets and productive the end of the budgety a. Direct maior, direct many and to vie Direct laborate and direct lobortimeve, and total ince Enter a favoble variance as a negative number using a sign and an unfavorable variance as a positive number Direct material price variance Direct materiais quantity variance Total dvecta costance b. Orect laborate variance Direct laborievanance Total direct labor cost variance 2. The variance analyses should be based on the amount of Volumes. The budget must ex with the volume changes. If the 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 laborat will be the production. In this way spending from volume ces can be separated from efficiency and once variances volume de Previous NOT Check My Work