Dark Chocolate per Case Light Chocolate Standard Amount Standard Amount per Case Standard Price per Pound Coca Supe 12 lbs $5:30 Standand labor time 10 0.3M 14 0.60 04h Planned production Dark Chocolate 5,800 cas Light Chocolate 10,300 ca $14.00 per hr Standard labor rate $14.00 per h Sharon's Delights Chocolate Company does not expect there to be any beginning or endog eventones of cocoa or sugar. At the end of the budget yeas Sharan's Delights Chocolate Campany had the following actual results Dark Chocolate Light Chocolate Actual production (cates) 5,500 10,700 Actual Price per Pound Actual Quantity Purcused and Used Coca Suger $5.40 0.55 163,100 199,700 Actual Labor Rate Actual Labor Hours Used Dark chocolate Light chocolate $13.50 per 14.50 per h 1.500 4.350 Light chocolate Required: 14.50 per 1,500 4,350 1. Prepare the following variance analyses for both chocolates and the hital, based on the actual results and production levels at the end of the d Ort me once vare, dect masty variancy, and total variance Dct labe varianos, det labor time variance, and total vanence a favorable vanance a negative number unga muna sight and unfavorable variance as a gostive number Det mater prevaance 000 Direct labor te verance Direct labor tome van Salt labor cost vanance 2. The vanarice analyses should be timed on the aled volume, as it was in this case, then the budget used for performance evaluation had reflect the change in direct matemals and direct laber that will be required for the umes The budget must fes with the volume changes. If the spending tromethanges can be separated from effoency and price ances volume is different from the production. In the we