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Flexible Budgeting and Variance Analysis Sharon's Delights Chocolate Company makes dark chocolate and light chocolate. Both products require cocoa and sugar. The following planning information has been made available: Sharon's Delights Chocolate Company does not expect there to be any beginning or ending imventories of cocoa or sugar. At the end of the budget year, Sharon's Delight Chocolate Company had the following actual resuits: 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. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. a. Derect materials price variance, direct materlais quantity variance, and total variance. b. Direct labor rote variance, direct labor time variance, and total variance. 2. The variance analyses should be based on the amounts at volumes. The budget must fex 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 labor that will be required for the production. In this way, spending from volume changes can be separated from efficiency and price variances