I need help with the following question:

Variance

At the end of the month, you find that the labor and materials spent on manufacturing collars was different from what you estimated:

• The collar maker had to work nine hours a day instead of eight due to an increased demand for collars.
• Because of the increased demand, the hourly rate you paid your employee for making the collars increased to $16.50.
• An increase in the cost of raw material led the direct material cost per collar to increase to $10.
• However, you also made and sold 60 more collars than you expected to sell in the month.

You now need to determine the variance in the materials and labor cost from what you estimated in Milestone Two based on the market research data.

Milestone Two - Break-Even Analysis COLLARS LEASHES HARNESSES Sales Price S 24.00 26.00 30.00 Fixed Costs 4.028 S 4.028 4,202 Contribution Margin 14.90 S 13.90 S 15.40 Break-Even Units (round up] 271.00 290.00 273.00 Target Profit S 300.00 S 400.00 S 500.00 Break-Even Units (round up) 291.00 319.00 306.00 Target Profit S 500.00 600.00 S 650.00 Break-Even Units (round up] 304.00 333.00 316.002 Milestone Three - Variance Analysis LL 5 Data for Variance Analysis: Budgeted Budgeted Actual Actual [Standard) [Standard) Hours/Qty Rate Hours/Qty Rate B Labor 10 11 Materials ET 14 15 Variances for Collar Sales Favorable/ 16 Variance Unfavorable 17 Direct Labor Time Variance 18 [Actual Hours - Standard Hours) x Standard Rate S 19 20 Direct Labor Rate Variance 21 [Actual Rate - Standard Rate] x Actual Hours S 23 Direct Materials Quantity/Efficiency Variance [Actual Quantity - Standard Quantity] x Standard Price S 25 26 Direct Materials Price Variance 27 (Actual Price - Standard Price) x Actual QuantityMilestone Two - Contribution Margin Analysis COLLARS LEASHES HARNESSES Sales Price per Unit S 24.00 S 26.00 30.00 Variable Cost per Unit 9.10 12.10 14.60 Contribution Margin 14.90 13.90 15.40