INSTRUCTIONS: Prepare the variances and identify whether they are favorable or unfavorable. The below website will provide further assistance with variances: http://accounting-simplified.com/management/variance-analysis/material/price.html DATA FOR VARIANCE ANALYSIS: Actual Rate Standard Hours / Qty 150 $ 1,000 $ Standard Rate 12.00 2.00 Actual Hours / Qty 180 $ 1,200 $ Grooming Labor Grooming Materials 11.50 3.00 Favorable/ Unfavorable Variance Groomer Direct Labor Time Variance (Actual Hours - Standard Hours) x Standard Rate $ . Groomer Direct Labor Rate Variance (Actual Rate - Standard Rate) Actual Hours Direct Materials Quantity/Efficiency Variance (Actual Quantity - Standard Quantity) x Standard Price Direct Materials Price Variance (Actual Price - Standard Price) x Actual Quantity $