Based on the data presented in the table, discuss your observations about the variances and ways to plan to improve any of the variances.

\\begin{tabular}{|l|r|r|l|} \\hline Standard Total Cost of Direct Materials & \\( \\$ \\) & 224,800 & \\\\ \\hline Actual Materials Used & & 30 & \\\\ \\hline Standard Materials Used & & 31 & \\\\ \\hline Actual Direct Labor Rate & & & \\\\ \\hline Standard Labor Rate & \\( \\$ \\) & 15.50 & \\\\ \\hline Actual Hours Worked & \\( \\$ \\) & 15.00 & \\\\ \\hline Standard Hours Worked & & 45 & \\\\ \\hline & & 40 & \\\\ & & & \\\\ \\hline Calculate Materials Variances: & & & Favorable/ \\\\ \\hline Materials Price Variance & & & Unfavorable \\\\ \\hline Materials Quantity Variance & \\( \\$ \\) & \\( (7,452) \\) & Unfavorable \\\\ \\hline & \\( \\$ \\) & 7,452 & Favorable \\\\ \\hline Calculate Labor Variances: & & & \\\\ \\hline Labor Rate Variance & \\( \\$ \\) & \\( (23) \\) & Unfavorable \\\\ \\hline Labor Efficiency Variance & \\( \\$ \\) & \\( (75) \\) & Unfavorable \\\\ \\hline \\end{tabular}