Illustrate the variances observed between the planned and actual values for the direct labor time and the direct materials price for collars. What changed?

5 Data for Variance Analysis: Actual Budgeted (Standard) Hours/Qty Budgeted (Standard) Actual Hours/Qty Rate 6 Rate 7 8 Labor 160$ 16.00 180 $ 16.50 9 10 11 Materials 400 $ 9.10 460 $ 10.00 12 13 14 15 Variances for Collar Sales Favorable/ Unfavorable 16 Variance 17 Direct Labor Time Variance 18 (Actual Hours - Standard Hours)x Standard Rate 19 320.00 Unfavorable 20 Direct Labor Rate Variance 21 (Actual Rate - Standard Rate) Actual Hours $ 90.00 Unfavorable 22 23 Direct Materials Quantity/Efficiency Variance (Actual Quantity - Standard Quantity)x Standard Price 24 $ 546.00 Unfavorable 25 26 Direct Materials Price Variance 27 (Actual Price - Standard Price) Actual Quantity 28 $ 414.00 Unfavorable 29 30