For this discussion I'd like you to think about when you might have been able to prepare and analyze variances in the past. While you probably haven't had experience developing standards for materials and labor and comparing with actual to compute variances, you have all encountered situations where you had to spend more or less than you expected (we will use this as standard) or where efficiencies and usage was more or less than planned. What are some of your experiences and what do you think your variances would have calculated to be had you used standard costing and variance analysis for such situations? How would you have computed the variance? Please equate an equivalent example for all four of the following: materials price variance, materials quantity (usage) variance, labor rate variance, and labor efficiency variance.