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 Cocoa 11 lbs. 8 lbs. Sugar 9 lbs. 13 lbs. Standard labor time 0.4 hr. 0.5 hr. Standard Price per Pound $4.60 0.60 Planned production Standard labor rate Dark Chocolate Light Chocolate 4,900 cases $16.50 per hr. 11,300 cases $16.50 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 11,800 4,700 (cases) Actual Price per Actual Pounds Purchased and Pound Used Cocoa Sugar $4.70 0.55 146,800 190,800 Actual Labor Rate Actual Labor Hours Used Dark chocolate Light chocolate $16.00 per hr. 17.00 per hr. 1,710 6,050 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 Direct materials quantity variance b. Total direct materials cost variance Direct labor rate variance Direct labor time variance Total direct labor cost variance Unfavorable Unfavorable Unfavorable Unfavorable Favorable Unfavorable 2. The variance analyses should be based on the standard amounts at actual volumes. The budget must flex with the volume changes. If the actual 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 actual way, spending from volume changes can be separated from efficiency and price variances. volume is different from the production. In this