Problem 1-Budget Analysis Standard cost and price variance analysis A) October data: Actual hours: Standard hours: Actual labor costs: Standard labor rate: 16,250 hours 5,600 units were budgeted at 3 hours per unit $247,000 $15.00 per hour Calculate the labor rate and efficiency variances as well as the overall labor variance for October. You must show the calculations to receive credit. Rate variance= х express in terms х express in numbers Efficiency variance= х express in terms х express in numbers Rate variance Efficiency variance Total variance you must indicate if each one is favorable or unfavorable then you must indicate if the overall if favorable or unfavorable B) November data: Actual hours: Standard hours: Actual labor costs: Standard labor rate: 22,000 hours 6,000 units were budgeted at 3 hours per unit $335,000 $15.00 per hour Rate variance= х express in terms х express in numbers Efficiency variance= х express in terms х express in numbers Rate variance Efficiency variance Total variance you must indicate if each one is favorable or unfavorable then you must indicate if the overall if favorable or unfavorable C) Write a brief memo to the appropriate person(s) who would be responsible for each variance. In the memo, suggest some areas which might be impacting operations causing the variance. Please stay within the outlined area with your text.