AME UNITS COST 5 $10,000 /UNIT MATERIAL LABOR 10,000 HRS $22/HR ACTUAL UNITS COST MATERIAL 6 $9,500/UNIT LABOR 12,000 HRS $20/HR CONTRACT PRICE PREPARE A BUDGETED AND ACTUAL INCOME STATEMENT $350,000 WHAT IS THE GROSS PROFIT AND GROSS PROFIT % COMPUTIE THE PRICE VARIANCE THE QUANTITY VARIANCE THE RATE VARIANCE THE EFFICIENCY VARIANCE THE TOTAL VARIANCES FOR LABOR MATERIAL STD HOURS 2 20 STD RATE ACTUAL HOURS WORKED ACTUAL RATE LABOR RATE VARIANCE LABOR EFFICIENCY VARIANCE TOTAL VARIANCE 18 $2,400 FAVORABLE STD QTY REQUIRED 550 STD PRICE ACTUAL QTY USED ACTUAL PRICE PRICE VARIANCE QTY VARIANCE 600 10 $1,200 FAVORABLE TOTAL VARIANCE