A mini project was estimated to cost $25,000 and to be completed on 15 December 2009. The calculated actual cost at the end of September 2009 is $18,500. The remaining 20 percent work is to be completed as soon as possible to maintain the completion due date.

(a) What are the cost and schedule variances at this stage? (b) If the original project duration was 18 months and total budget was $35,000, Calculate the estimated cost of completion and estimated time to complete.