Data for Variance Analysis: Budgeted Budgeted Actual Actual (Standard) (Standard) Hours/Qty Rate Hours/Qty Rate Labor 160 $ 16.00 180 $ 16.50 Materials 600 $ 9.10 660 $ 10.00 [Copy and paste your table from the completed "Variances" tab of your Project Workbook.] [Illustrate the variances observed between the planned and actual values for the direct labor time and the direct materials price for collars. What changed?] Report for Unleashed Pet's Significance of Variances Variances for Collar Sales Favorable/ Variance Unfavorable Direct Labor Time Variance (Actual Hours - Standard Hours) x Standard Rate 320.00 Unfavorable Direct Labor Rate Variance (Actual Rate - Standard Rate) x Actual Hours $ 90.00 Unfavorable Direct Materials Quantity/Efficiency Variance (Actual Quantity - Standard Quantity) x Standard Price 546.00 Unfavorable Direct Materials Price Variance (Actual Price - Standard Price) x Actual Quantity $ 594.00 Unfavorable [Evaluate the significance of the variances. Are the variances favorable or unfavorable? " What does it mean? Explain whether and how your evaluation will affect your budgeting and planning decisions for the next month or quarter.]