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lem #5 (3 Marks) You are analyzing two potential projects to invest in. See below for the details of the projects: Proj #1 Proj #2 Investment (Outflow) ($50,000) ($25,000) Yr 1 Cash Inflow (Outflow) $20,000 ($5,000) Yr 2 Cash Inflow (Outflow) $25,000 $15,000 Yr 3 Cash Inflow (Outflow) $10,000 $15,000 Yr 4 Cash Inflow (Outflow) $10,000 $25,000 REQUIRED: a) Compute the Payback for each project. Which project would you select based solely on the Payback method? b) Describe a disadvantage to using the Payback period. lem #6 (2 Marks) Company's develop standards for how long something should take to make and how much it should cost. REQUIRED: a) Define Labour Rate Variance. b) Define Labour Efficiency Variance