Standard Amount per Case \begin{tabular}{lccc} \hline & Dark Chocolate & Light Chocolate & Standard Price per Pound \\ \hline Cocoa & 12lbs. & 9lbs. & $5.30 \\ Sugar & 10lbs. & 14lbs. & 0.60 \\ Standard labor time & 0.3hr. & 0.4hr. & \end{tabular} \begin{tabular}{lll} & Dark Chocolate & Light Chocolate \\ \hline Planned production & 5,400 cases & 11,600 cases \\ Standard labor rate & $16.50 per hr. & $16.50 per hr. \end{tabular} had the following actual results: \begin{tabular}{lrr} & Dark Chocolate & Light Chocolate \\ \hline Actual production (cases) & 5,100 & 12,100 \\ & Actual Price per Pound & Actual Pounds Purchased and Used \\ \hline Cocoa & $5.40 & 171,000 \\ Sugar & 0.55 & 214,900 \\ & Actual Labor Rate & Actual Labor Hours Used \\ \hline Dark chocolate & $16.00 per hr. & 1,390 \\ Light chocolate & 17.00 per hr. & 4,960 \end{tabular} 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. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. 2. The variance analyses should be based on the amounts at volumes. The budget must flex 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 direc 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