Flexion Budgeting and Variance Analysis I love my Chocolate Company makes dark chocolate and light chocolate. Both products require cocoa and sugar. The following blarining information has been made valable Standard Amount per Case Dark Chocolate Light Chocolate Blbs Standard Price per Pound $5.20 Cocoa 0.60 Sugar Standard labor time 13 lbs 0.5 hr. 0.4 h Dark Chocolate Light Chocolate Planned production 3,700 cases 12,200 cases Standard labor rate $13.50 per hr $13.50 per hr I Love My Chocolate Company does not expect there to be any beginning or ending Inventories of cocoa or sugor, At the end of the budpet year, I Love My Chocolate Company had the following actual results: Dark Chocolate Light Chocolate Actual production (cases 3.500 12,700 Actual Price per Pound Actual Pounds Purchased and Used Coco $5.30 140,000 Sugar 0.55 191,700 Actual Labor Rate Actual Labor Hours Used Dark chocolate $13.00 per hr 1.270 Light chocolate 14.00 per hr 6,510 ed Cocoa 55.30 0.55 140,800 191,700 Sugar Actual Labor Rate Actual Labor Hours Used 1,270 Dark Chocolate $13.00 per hr 14.00 per hr Light chocolate 6,510 Required: 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 yoon a. Direct materials price variance, direct materiais quantity variance, and total variance, b. Direct labor rate variance, direct labor time variance, and total variance Inter a favorable variance as a negative number using a minussion and an unfavorable variance as a positive number Direct materials price variance Unfavorable Direct materials quantity variance Unfavorable Total direct materials cost variance Unfavorable Unfavorable b Direct labor rate variance Direct labor time variance Unfavorable III Total direct labor cost variance Unfavorable