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 Chocolate Light Chocolate 12 lbs. 9 lbs. Sugar 10 lbs. 14 lbs. Standard labor time 0.3 0.4 hr. Standard Price per Pound $5.00 0.60 Planned production Standard labor rate Dark Chocolate Light Chocolate 4,500 cases $16.50 per hr. 13,800 cases $16.50 per hr. I Love My Chocolate Company does not expect there to be any beginning or ending inventories of cocos or sugar. At the end of the budget year, 1 Love My Chocolate Company had the following actual results: Actual production (cases) Sugar Dark Chocolate Light Chocolate 4,300 14,400 Actual Price per Pound Actual Pounds Purchased and Used $5.10 182,100 0.55 238,500 Actual Labor Rate Dark chocolate Light chocolate $16.00 per hr. 17.00 per br Actual Labor Hours Used 1,170 5,900 Required: Flexible Budgeting and Variance Analysis I Love My Chocolate Company makes dark chocolate and light chocolate. Both products require cocoa and sugar. The following pla Standard Amount per Case Dark Chocolate Light Chocolate Standard Price per Pound Cocoa Sugar 12 lbs. 9 lbs. $5.00 10 lbs. 14 lbs. 0.60 Standard labor time 0.3 hr. 0.4 hr. Dark Chocolate Light Chocolate Planned production 4,500 cases 13,800 cases Standard labor rate $16.50 per hr. $16.50 per hr. Planned production Standard labor rate Dark Chocolate Light Chocolate 13,800 cases $16.50 per hr. 4,500 cases $16.50 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 c Dark Chocolate Actual production (cases) 4,300 Light Chocolate 14,400 Actual Price per Pound Actual Pounds Purchased and Used Cocoa Sugar $5.10 182,100 0.55 238,500 Actual Labor Rate Actual Labor Hours Used Dark chocolate Light chocolate $16.00 per hr. 1,170 17.00 per hr. 5,900 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. Direct materials price variance Direct materials quantity variance Total direct materials cost variance b. Direct labor rate variance Direct labor time variance Total direct labor cost variance 000