PR.23.02A.ALGO Sharons Delights Chocolate Company makes dark chocolate and light chocolate. Both products require cocoa and sugar. The following planning information has been made available: Line Item Description Standard Amount per Case Dark Chocolate Standard Amount per Case Light Chocolate Standard Price per Pound Cocoa 10 lbs. 7 lbs. $4.90 Sugar 8 lbs. 12 lbs. 0.60 Standard labor time 0.3 hr. 0.4 hr. Line Item Description Dark Chocolate Light Chocolate Planned production 5,700 cases 11,200 cases Standard labor rate $13.00 per hr. $13.00 per hr. Sharons Delights Chocolate Company does not expect there to be any beginning or ending inventories of cocoa or sugar. At the end of the budget year, Sharons Delights Chocolate Company had the following actual results: Line Item Description Dark Chocolate Light Chocolate Actual production (cases) 5,400 11,600 Line Item Description Actual Price per Pound Actual Quantity Purchased and Used Cocoa $5.00 135,900 Sugar 0.55 177,800 Line Item Description Actual Labor Rate Actual Labor Hours Used Dark chocolate $12.50 per hr. 1,470 Light chocolate 13.50 per hr. 4,760 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 variance, direct labor time variance, and total variance