summarize this statement into a paragraph, "To analyze the material and labor variances for the month of April, we need to break down the given data and understand what each variance indicates. Here's a step-by-step explanation: $3,000 in labor costs, which is unfavorable. Total Labor Variance: Given: $2,175 Unfavorable Interpretation: Combining both rate and efficiency variances, the company incurred an additional $2,175 in labor costs, which is unfavorable. Summary of Variances: Material Variances: Direct Material Price Variance: $-860 Favorable Direct Material Quantity Variance: $-900 Favorable Total Material Variance: $-1,760 Favorable Labor Variances: Direct Labor Rate Variance: $-825 Favorable Direct Labor Efficiency Variance: $3,000 Unfavorable Total Labor Variance: $2,175 Unfavorable Interpretation: Material Variances: The company managed to procure materials at a lower price than the standard, resulting in a favorable price variance of $860. Additionally, the company used materials more efficiently than expected, leading to a favorable quantity variance of $900. Overall, the total material variance is favorable, with a total saving of $1,760. Labor Variances: The company paid a lower wage rate than the standard, resulting in a favorable rate variance of $825. However, the company used more labor hours than anticipated, leading to an unfavorable efficiency variance of $3,000