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 Sugar 10 lbs. 7 lbs. $5.20 8 lbs. 12 lbs. 0.60 Standard labor time 0.3 hr. 0.4 hr. Planned production Standard labor rate Dark Chocolate Light Chocolate 3,800 cases $14.00 per hr. 12,600 cases $14.00 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 Actual production (cases) 3,600 Light Chocolate 13,100 Actual Price per Pound Actual Pounds Purchased and Used Cocoa Sugar $5.30 128,300 0.55 181,400 Actual Labor Rate Actual Labor Hours Used Dark chocolate Light chocolate $13.60 per hr. 14.40 per hr. 980 5,370 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 Total direct materials cost variance Unfavorable Unfavorable Unfavorable b. Direct labor rate variance Unfavorable Direct labor time variance Unfavorable Total direct labor cost variance Unfavorable