Better Blankets,Inc.makes a SnuggieBlank using flannel material and trim binding.They have instituted a successful JIT system and thus no longer have to stock inventory prior to their production need.The Standard Cost Card for The SnuggieBlank model is shown. 
The company reported the following results concerning January results: 
The labor rate variance in January is:
Definitions:
Test Statistic
A metric derived from data in a sample during a hypothesis testing process, employed to decide if the null hypothesis should be discarded.
Proportions
Ratios indicating the fractional part of a whole that have specific characteristics.
Critical Value
A point on the scale of the test statistic beyond which we reject the null hypothesis, significant in hypothesis testing.
Level of Significance
The probability of rejecting the null hypothesis in a statistical test when it is actually true; a measure of the risk of making a Type I error.
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