I need some help with the below statment based on the chart.

Share a summary of your variance analysis. Were the variances favorable or unfavorable[Evaluate the significance of the variances. Are the variances favorable or unfavorable? What does it mean? Explain whether and how your evaluation will affect your budgeting and planning decisions for the next month or quarter.

Data for Variance Analysis:
	Budgeted (Standard) Hours/Qty	Budgeted (Standard) Rate	Actual Hours/Qty	Actual Rate
Labor	160	$ 14.67	180	$ 16.50
Materials	6,188	$ 3.23	1,600	$ 10.00
Variances for Collar Sales
			Variance	Favorable/ Unfavorable
Direct Labor Time Variance
(Actual Hours - Standard Hours) x Standard Rate		$ 293.40	Unfavorable
Direct Labor Rate Variance
(Actual Rate - Standard Rate) x Actual Hours		$ 329.40	Unfavorable
Direct Materials Quantity/Efficiency Variance
(Actual Quantity - Standard Quantity) x Standard Price	$ (14,819.24)	Favorable
Direct Materials Price Variance
(Actual Price - Standard Price) x Actual Quantity		$ 10,832.00	Unfavorable