ove My Chocolate Company makes dark chocolate and light chocolate. Both products require cocoa and sugar. The following planning information has been made ailable: Standard Amount per Case Dark Chocolate Light Chocolate Standard Price per Pound Cocoa 11 lbs. 8 lbs. $5.40 Sugar 9 lbs. 13 lbs. 0.60 Standard labor time 0.4 hr. 0.5 hr. Planned production Standard labor rate i Dark Chocolate Light Chocolate 4,200 cases $15.00 per hr. 10,200 cases $15.00 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: Actual production Dark Chocolate 4,000 Light Chocolate 10,600 (cases) Actual Price per Actual Pounds Purchased Pound and Used Cocoa Sugar $5.50 0.55 Actual Labor Rate 129,400 169,500 Actual Labor Hours Used Dark chocolate $14.70 per hr. Light chocolate 15.30 per hr 1,460 5,430 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 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. a. Direct materials price variance Direct materials quantity variance Total direct materials cost variance Unfavorable Unfavorable Unfavorable b. Direct labor rate variance Direct labor time variance Total direct labor cost variance Unfavorable Favorable Unfavorable