Milestone Three - Variance Analysis Data for Variance Analysis: Budgeted Budgeted Actual Actual (Standard) (Standard) Hours/Qty Rate Hours/Qty Rate Labor 120 | $ 16.33 130 $ 16.33 Materials 33 12.00 33 $ 12.00 Variances for Collar Sales Favorable/ Varlance Unfavorable Direct Labor Time Varlance (Actual Hours - Standard Hours) x Standard Rate $ 163.33 Unfavorable Direct Labor Rate Variance (Actual Rate - Standard Rate) x Actual Hours $ Direct Materials Quantity/Efficiency Variance (Actual Quantity - Standard Quantity) x Standard Price Direct Materials Price Variance Actual Price - Standard Price) x Actual Quantity $