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 Standard Price per Chocolate Light Chocolate Cocoa 6 lb. Sugar 7 lb 11 b Standerd labor 0.4 hr. 0.5 hr. time Planned production Pound $5.3 0.6 Dark Chocolate 5,000 cases $16 per ht Light Chocolate 12,100 cases $16 per hr. Standard labor rate I Love My Chocolate 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: Actual production (cases) Dark Chocolate Light Chocolate 12,600 Cocoa Sugar Dark chocolate Light chocolate Required: 5,300 Actual Price per Pound Actual Pounds Purchased and Used $5.4 123,900 0.55. 171,300 Actual Labor Rate Actual Labor Hours Used $15.6 per hr 16.4 per hr 1,930 6,460 Prepare the following varience analyses for both chocolates and 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. If there is no variance, enter a zero. Direct materials price variance Direct materials quantity variance Total direct materials cost variance b. Direct labor rate variance Direct laber time variance Total direct labor cost variance 000 000 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 lahor that will be required for the D production. In this way, spending from volume changes can be separated from efficiency and price variances.