3 Lookin' Dog Gone Good Dog-Grooming MILESTONE 3 - Variance Analysis US 3 3 INSTRUCTIONS: Prepare the variances and identify whether they are favorable or unfavorable. The below website will provide further assistance with variances: http://accounting-simplified.com/management/variance-analysis/material/price.html 0 1 2 DATA FOR VARIANCE ANALYSIS: Standard Hours / Qty 150 $ Standard Rate Actual Hours / Qty 180 $ Actual Rate 6 12.00 11.50 Grooming Labor Grooming Materials 1,000 $ 2.00 1,200 $ 3.00 8 9 0 1 Favorable/ Unfavorable Variance 2 3 Groomer Direct Labor Time Variance (Actual Hours - Standard Hours) Standard Rate $ Groomer Direct Labor Rate Variance (Actual Rate - Standard Rate) Actual Hours s 5 6 7 28 19 30 31 2 33 34 Direct Materials Quantity/Efficiency Variance (Actual Quantity - Standard Quantity) Standard Price $ Direct Materials Price Variance (Actual Price - Standard Price) x Actual Quantity $ 36