Milestone Three: Variance Analysis
Data for Variance Analysis:
	Budgeted (Standard) Hours/Qty	Budgeted (Standard) Rate	Actual Hours/Qty	Actual Rate
Labor	4,800	$ 15.00	5,940	$ 16.50
Materials	6,000	$ 10.00	7,200	$ 10.00
			Variance	Favorable or Unfavorable
Direct Labor Time Variance
(Actual Hours - Standard Hours) x Standard Rate		$ 17,100.00	Unfavorable
Direct Labor Rate Variance
(Actual Rate - Standard Rate) x Actual Hours		$ 8,910.00	Unfavorable
Direct Materials Quantity/Efficiency Variance
(Actual Quantity - Standard Quantity) x Standard Price	$ 12,000.00	Unfavorable
Direct Materials Price Variance
(Actual Price - Standard Price) x Actual Quantity		$ -

[Illustrate the variances observed between the planned and actual values for the direct labor time and the direct materials price for collars. What changed?]