J PR 10-2 Flexible budgeting and variance analysis OBJ. 1, 2, 3 Pirect Is quantity , RM625 F Rania Coklat Sdn Bhd makes dark chocolate and light chocolate. Both products require cocoa and sugar. The following planning information has been made available: 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: Instructions 1. Prepare the following variance analyses for bot? chocolates and the total, based on the actual results and production levels at the end of the budget year: a. Dire aterials price, quantity, and total variance. b. Direct iaror rate, time, and total variance. 2. Why are the standard amounts in part (1) based on the actual production for the year instead of the planned production for the year