Question: Any help would be appreciated to answer the question below for an investor analysis report. If additional information is needed, please let me know. Thanks
Any help would be appreciated to answer the question below for an investor analysis report. If additional information is needed, please let me know. Thanks in advance for any help!
Variances
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| Milestone Three - Variance Analysis |
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| Data for Variance Analysis: |
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| Budgeted (Standard) Hours/Qty | Budgeted (Standard) Rate | Actual Hours/Qty | Actual Rate |
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| Labor | 160 | $ 16.00 | 180 | $ 16.50 |
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| Materials | 600 | $ 9.10 | 660 | $ 10.00 |
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| Variances for Collar Sales |
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| Variance | Favorable/ Unfavorable |
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| Direct Labor Time Variance |
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| (Actual Hours - Standard Hours) x Standard Rate | $ 320.00 | Unfavorable |
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| Direct Labor Rate Variance |
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| (Actual Rate - Standard Rate) x Actual Hours | $ 90.00 | Unfavorable |
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| Direct Materials Quantity/Efficiency Variance |
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| (Actual Quantity - Standard Quantity) x Standard Price | $ 546.00 | Unfavorable |
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| Direct Materials Price Variance |
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| (Actual Price - Standard Price) x Actual Quantity | $ 594.00 | Unfavorable |
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[Illustrate the variances observed between the planned and actual values for the direct labor time and the direct materials price for collars. What changed?]
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