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Flexible Budgeting and Variance Analysis 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 Light Chocolate Chocolate 9 lbs. 6 lbs. 7 lbs. 11 lbs. Standard Price per Pound Cocoa $4.30 0.60 Sugar Standard labor time 0.4 hr. 0.5 hr. Dark Chocolate Light Chocolate Planned production 4,600 cases 10,300 cases Standard labor rate $14.00 per hr. $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 Light Chocolate Actual production 4,400 10,700 (cases) Actual Price per Pound Actual Pounds Purchased and Used Cocoa $4.40 0.55 104,300 144,800 Sugar Actual Labor Rate Actual Labor Hours Used Dark chocolate Light chocolate $13.50 per hr. 14.50 per hr. 1,600 5,480 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 varlance, direct tabor time variance, and total varlance. 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 Unfavorable Direct materials quantity variance Favorable Total direct materials cost variance Unfavorable a. b. Direct labor rate variance Direct labor time variance Total direct labor cost variance Il Unfavorable Favorable Unfavorable