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Calculate the material variances & Calculate the labor variances.

Once the calculations are completed, what do you notice concerning the variances, and how would you suggest I plan to improve any of the variancesjQuery22408223076659228683_1608651399799

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Actual Cost of Direct Materials $225,000

Standard Cost of Direct Materials $224,800

Actual Materials Used 30

Standard Materials Used 31

Actual Direct Labor Rate $15.50

Standard Labor Rate $15.00

Actual Hours Worked 45

Standard Hours Worked 40

Amount Favorable/ Unfavorable

Calculate Materials Variances:

Materials Price Variance

Materials Quantity Variance

Calculate LaborVariances:

Labor Rate Variance

Labor Efficiency Variance

What can be done about variances??