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I need help explaining the following: Evaluate the significance of the variances. Are the variances...

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Accounting

I need help explaining the following:

Evaluate the significance of the variances. Are the variances favorable or unfavorable? What does it mean? Explain whether and how your evaluation will affect your budgeting and planning decisions for the next month.

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Data for Variance Analysis: Actual Budgeted (Standard) Hours/Qty Budgeted (Standard) Rate Actual Hours/Qty Rate Labor 160 $ 16.00 180 $ 16.50 Materials 600 $ 9.10 660 $ 10.00 Variances for Collar Sales Favorable/ Unfavorable Variance Direct Labor Time Variance (Actual Hours - Standard Hours) x Standard Rate $ 320.00 Unfavorable Direct Labor Rate Variance (Actual Rate - Standard Rate) x Actual Hours $ 90.00 Unfavorable Direct Materials Quantity/Efficiency Variance (Actual Quantity - Standard Quantity) x Standard Price $ 546.00 Unfavorable Direct Materials Price Variance (Actual Price - Standard Price) x Actual Quantity $ 594.00 Unfavorable

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