Variance Analysis Homework 1. Mill Tire Co. manufactures automobile tire. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 10,000 tires were as follows: Instructionse Determine (a) the price variance, quantity variance, and total direct materials cost variance; (b) the rate variance, time variance, and total direct labor cost variance. Note: Be sure you label each variance as Unfavorable (U) or Favorable (F) and indicate to whom would I speak regarding each of the variances (to have a better understanding of WHY the variance exists). 2. Faucet Industries Inc. Manufactures faucets in a small manufacturing facility. The faucets are made from zinc. Faucet Industries has 60 employees. Each employee presently provides 36 hours of labor per week. Information about a production week is as follows: Instructions: Determine (a) the standard cost per unit for direct materials and direct labor; (b) the price variance, quantity variance, and total direct materials cost variance; and (c) the rate variance, time variance, and total direct labor cost variance