Question: Milestone Three - Variance Analysis Data for Variance Analysis: Budgeted (Standard) Hours/Qty Budgeted (Standard) Rate Actual Hours/Qty Actual Rate Labor 160 $ 14.67 180 $

Milestone Three - Variance Analysis
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

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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