Love Ny Chocolate company makes dark chocolate and light chocolate. Both products require cocoa and sugar. The following planning formation has been made avarate Standard Amount per Case Dark Light Standard Price per Chocolate Chocolate Pound 12 lbs. $4,70 10 lbs. 0.60 Standard labor 0.3 0.41 Dark Chocolate Light Chocolate Planned production Standard labor rate 3,700 cases $16.50 per hr 10,400 cases $16.50 per hr I Love My Chocolate Company does not expect there to be any beginning or ending vertones of cocoa F GHAR the end of the budget year, I Love My Chocolate Company had the following actual results: Dark Chocolate Light Chocolate Actual production (cases) . 3.500 10,800 Actual Pounds Purchased and Used Actual Price per Pound 54.80 0.55 Actual Labor Rate 181,500 Actual Labor Hours Used Dark chocolate Light chocolate $16.20 perhe 16.00 per he 4,430 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 van a. Direct materials price variance, direct materials quantity variance, and total variance b. Direct laborate variance, dret abort a nce, and total variance 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.vectatea price wanance, directe als and total van b. Do laborate vince, direct laborievance, and total wance Enter a favorable variance as a negative number nga nussion and an unfavorable variance as a positive number if there is no vanance, entre Dect materials price variance Direct material quantity variance Total direct matenals cost anance h. Dwect labor rate variance Direct labor time ance Total derect labor cost variance 2. The variance analyses should be based on the standard mounts at actual volumes. The budget must lex with the volume changes of the actual volume in different from the planned volume, as direct materials and director that will be required for the actual production. In this spending from volume changes can be separated from then the budget used for performance evaluation should reflect the change in direct materials and direct laber that will be required for the cency and price warance