Using variance analysis and interpretation Last year, Endicott Corp. adopted a standard cost system. Labor standards were set on the basis of time studies and prevailing wage rates. Materials standards were determined from materials specifications and the prices then in effect. On June 30, the end of the current fiscal year, a partial trial bal- ance revealed the following: 30,000 Debit Credit Materials Price Variance.......... 25,000 Materials Quantity Variance... 9,000 Labor Rate Variance. .......... Labor Efficiency Variance...... Standards set at the beginning of the year have remai unchanged. All inventories are priced at standard cost. Wha clusions can be drawn from each of the four variances she Endicott's trial balance? 7,500 nces shown in