Given a linear time-series trend 
= 5.2 + 3.1t,what is the forecast for 2010 if the time series started in 2003?
Definitions:
Labor Rate Variance
The difference between the actual cost of labor and the expected (or budgeted) cost.
Actual Results
The real outcomes or results achieved and recorded after a particular period or activity, often compared against planned or forecasted results.
Standard Cost System
An accounting method that applies estimated costs to product units to predict production expenses and aid in budgeting.
Labor Rate Variance
The discrepancy between what labor actually costs and what was initially budgeted or considered as the standard labor cost.
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