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Variance At the end of the month, you find that the labor and materials spent on manufacturing collars was different from what you estimated:

The collar maker had to work nine hours a day instead of eight due to an increased demand for collars. Because of the increased demand, the hourly rate you paid your employee for making the collars increased to $16.50. An increase in the cost of raw material led the direct material cost per collar to increase to $10. However, you also made and sold 60 more collars than you expected to sell in the month.

You now need to determine the variance in the materials and labor cost from what you estimated in Milestone Two based on the market research data.

Pls show work

Data for Variance Analysis:
	Budgeted (Standard) Hours/Qty	Budgeted (Standard) Rate	Actual Hours/Qty	Actual Rate
Labor
Materials
Variances for Collar Sales
			Variance	Favorable/ Unfavorable
Direct Labor Time Variance
(Actual Hours - Standard Hours) x Standard Rate			$ -
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			$ -

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