Variance Analysis: Prepare the data in the Variances tab to determine whether the variances are favorable or unfavorable. Remember to show your work using calculations to the side of the table or using appropriate formulas in the table. Complete the data table for the variances by entering the budgeted (standard) and actual labor and material values. Remember to use the estimates for expected sales from your Milestone Two assignment. Determine the variances for direct labor and direct materials in the Variances tab. Evaluate the significance of the variances in the Variances tab, and mark them as favorable or unfavorable.

Please help, how do I calculate the following chart below? What formulas do I use?

At the end of the first month of opening your business, you calculate the actual operating costs of the business and the income you earned. You also notice and document the difference in what you budgeted for certain materials and labor against the actual amounts you spent on the same. For your statement of cost of goods sold, use the following data regarding the actual costs incurred by the business over the past month: - Materials purchased: $20,000 - Consumed 80% of the purchased materials - Direct labor: \$8,493 - Overhead costs: $3,765 Note: Assume that the beginning materials and ending work in process are zero for the month. Use the following revenue and cost information for the income statement. Note that the revenue you use will depend on the pricing level options you chose in Milestone Two. Also, assume that after accounting for weekends and other holidays, there were 20 business days in the first month of operation. For example, if you chose a sales price of $20 per collar, the actual number of collars sold in the month was 33 per day or 3320=660 per month. The other costs incurred by the business include: - General and administrative salaries - Receptionist: \$1,950 - Office supplies: $200 - Other business equipment: \$150 Data for Variance Analysis: Variances for Collar Sales Direct Labor Time Variance (Actual Hours - Standard Hours) x Standard Rate Direct Labor Rate Variance (Actual Rate - Standard Rate) x 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 \begin{tabular}{|l|l|} \hline Variance & Favorable/Unfavorable \\ \hline & \\ \cline { 2 - 2 } & \\ \hline & \\ \hline \end{tabular}