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d) Complete the following table to calculate the direct labor rate and efciency variances. e) Give one possible reason for an unfavorable labor rate variance. 1) Give one possible reason for a favorable labor efficiency variance. c) Complete the following table to calculate the direct material price and quantity variances. \fPhoenix Company's 2019 master budget included the following fixed budget report. It is based on an expected production and sales volume of 16,000 units. PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2019 Sales $3, 600, 000 Cost of goods sold Direct materials $960, 000 Direct labor 240, 000 Machinery repairs (variable cost) 64, 000 Depreciation-Plant equipment (straight-line) 315, 000 Utilities ($48,000 is variable) 198, 000 Plant management salaries 230,000 2, 007,090 Gross profit 1, 593, 090 Selling expenses Packaging 80, 000 Shipping 112, 000 Sales salary ( fixed annual amount) 260, 000 452, 090 General and administrative expenses Advertising expense 133, 000 Salaries 251, 000 Entertainment expense 100,000 484, 090 Income from operations $ 657, 090Phoenix Company's actual income statement for 2019 follows. PHOENIX COMPANY Statement of Income from Operations For Year Ended December 31, 2019 Sales (19,000 units) $4, 338, 000 Cost of goods sold Direct materials $1, 156, 000 Direct labor 293, 000 Machinery repairs (variable cost) 67,000 Depreciation-Plant equipment (straight-line) 315, 000 Utilities ( fixed cost is $147,500) 203, 750 Plant management salaries 240, 000 2, 274, 750 Gross profit 2, 063, 250 Selling expenses Packaging 92, 000 Shipping 126, 000 Sales salary (annual) 276, 000 494, 090 General and administrative expenses Advertising expense 141, 000 Salaries 251, 000 Entertainment expense 103, 000 495, 000 Income from operations $1, 074, 250