Direct Is quantity e, RM625 F J PR 10-2 OBJ. 1, 2, 3 Flexible budgeting and variance analysis Rania Coklat Sdn Bhd 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 Standard Price per Pound Cocoa Sugar 12 lbs. 8 lbs. RM7.25 10 lbs. 14 lbs. 1.40 Standard labor time 0.50 hr. 0.60 hr. Dark Chocolate Light Chocolate 4,700 cases RM15.50 per hr. Planned production Standard labor rate 11,000 cases RM15.50 per hr. Rania Coklat Sdn Bhd does not expect there to be any beginning or ending inventories of cocoa or sugar. At the end of the budget year, Rania Coklat Sdn Bhd had the following actual results: Dark Chocolate 5,000 Light Chocolate 10,000 Actual production (cases) Actual Price per Pound Actual Pounds Purchased and Used Cocoa Sugar Dark chocolate Light chocolate RM7.33 1.35 Actual Labor Rate RM15.25 per hr. 15.80 per hr. 140,300 188,000 Actual Labor Hours Used 2,360 6,120 Instructions 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: 2. a. Direct aterials price, quantity, and total variance. b. Direct labor rate, time, and total variance. Why are the standard amounts in part (1) based on the actual production for the year instead of the planned production for the year? anned with CamScanner