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 Chocolate Light Chocolate Standard Price per Pound Cocoa 9 lbs. 6 lbs. $5.00 Sugar 7 lbs. 11 lbs. 0.60 Standard labor time 0.3 hr. 0.4 hr. Dark Chocolate Light Chocolate Planned production 5,800 cases 12,200 cases Standard labor rate $15.50 per hr. $15.50 per hr. 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: Dark Chocolate Light Chocolate Actual production (cases) 5,500 12,700 Actual Price per Pound Actual Pounds Purchased and Used Cocoa $5.10 126,300 Sugar 0.55 173,700 Actual Labor Rate Actual Labor Hours Used Dark chocolate $15.20 per hr. 1,500 Light chocolate 15.80 per hr. 5,210 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 year: a. Direct materials price variance, direct materials quantity variance, and total variance. b. Direct labor rate variance, direct labor time variance, and total variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. a. Direct materials price variance $fill in the blank 1 21,317 Unfavorable Direct materials quantity variance $fill in the blank 3 -280,481 Unfavorable Total direct materials cost variance $fill in the blank 5 b. Direct labor rate variance $fill in the blank 7 Direct labor time variance $fill in the blank 9 Total direct labor cost variance $fill in the blank 11 2. The variance analyses should be based on the amounts at volumes. The budget must flex with the volume changes. If the volume is different 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 labor that will be required for the production. In this way, spending from volume changes can be separated from efficiency and price variances.