Please do not give solution in image format thanku CocoaSugarDark chocolateLight chocolateRequired:$4.901.24Actual Labor Rate$15.25 per hr.15.80 per hr.Direct materials price varianceDirect materials quantity varianceTotal direct materials cost varianceb.85,00053,0001. 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. Enter afavorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.a. Direct materials price variance, direct materials quantity variance, and total variance.b. Direct labor rate variance, direct labor time variance, and total variance.Direct labor rate varianceDirect labor time varianceTotal direct labor cost varianceActual Labor Hours Used2,2004,40012,750 xUnfavorableUnfavorableUnfavorableUnfavorableFavorableFavorable2. The variance analyses should be based on the standard ✔amounts at actual ✔volumes. The budget must flex with the volume changes. If theactual✓✔ volume is different from the planned volume, as it was in this case, then the budget used for performance evaluation should reflect the change in directmaterials and direct labor that will be required for the actual ✓ production. In this way, spending from volume changes can be separated from efficiency and pricevariances. Flexible Budgeting and Variance AnalysisSharon's Delights Chocolate Company makes dark chocolate and light chocolate. Both products require cocoa and sugar. The following planning information has beenmade available:CocoaSugarStandard labor timePlanned productionStandard labor rateActual production (cases)CocoaSugarLight Chocolate4,000 cases7,500 cases$15.50 per hr.$15.50 per hr.Sharon's Delights Chocolate Company does not expect there to be any beginning or ending inventories of cocoa or sugar. At the end of the budget year, Sharon's DelightsChocolate Company had the following actual results:Dark Chocolate4,500Standard Amount Standard Amountper Caseper CaseDark ChocolateLight Chocolate8 lbs.5 lbs.0.50 hr.Actual Price per Pound$4.901.24Dark chocolateLight chocolateDark Chocolate6 lbs.4 lbs.0.60 hr.Actual Labor Rate$15.25 per hr.15.80 per hr.Light Chocolate8,000Actual Quantity Purchased and Used85,00053,000Standard Priceper PoundActual Labor Hours Used2,2004,400$4.751.20

Variance analysis involves calculating and interpreting these variances to determine their causes…

Required: 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. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. a. Direct materials price variance, direct materials quantity variance, and total variance. b. Direct labor rate variance, direct labor time variance, and total variance. 12,750 X 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 Unfavorable Unfavorable Unfavorable Unfavorable Favorable Favorable 2. The variance analyses should be based on the standard ✓amounts at actual ✔volumes. The budget must flex with the volume changes. If the actual ✔volume is different from the planned volume, as it was in this case, then the budget used for performance evaluation should reflect the change in direct ✓production. In this way, spending from volume changes can be separated from efficiency and price materials and direct labor that will be required for the actual