Flexible Budgeting and Vanance 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 Chocolate Light Chocolate 12 lbs. 9 lbs. Cocoa Standard Price per Pound $4.60 0.60 10 lbs 14 lbs Sugar Standard labor time 0.4 h 0.5 h Dark Chocolate Light Chocolate Planned production 3,800 cases 11.300 cases Standard labor rate $14.50 per hr $14.50 perhe I Love My Chocolate Company does not expect there to be any beginning or ending inventones 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 (cases) 3,600 11,800 Actual Price per Pound Actual Pounds Purchased and Used Cocoa $4.70 150,100 Sugar 0.55 196.200 Actual Labor Rate Actual Labor Hours Used Dark chocolate 514.00 per hr 1,310 Check My Workort Check My Worker Sugar Cocoa 34.70 150,100 0.55 196,200 Actual Labor Rate Actual Labor Hours Used Dark chocolate $14.00 per hr 1,310 Light chocolate 15.00 per hr 6,050 Required: 1. Prepare the following verance analyses for both chocolates and the total, based on the actual results and production levels at the end of the budget year: a. Det materiale price vacance, direct materials quantity vanance, and total variance D. Direct laborate variance, direct labore variance, and total variance Enter a favorable variance as a negative number uting atimus sign and an unfavorable variantes positive number Durect materials price vanance Unfavorable Direct materials quantity vonance Unfavorable ? Total direct materials cot varande Unfavorable ?