Use the following performance report for a cost center of the Dry Cat Food Division for the month ended December 31 to answer the questions below. 
Using the information provided for Dry Cat Food division.
-What is the direct labor variance between the actual results and the flexible budget?
Definitions:
Closed Out
The process of finalizing all positions in a security or contract, effectively ending all obligations or engagements in those positions.
Hedge
An investment position intended to offset potential losses or gains that may be incurred by a companion investment, a common risk management strategy.
Speculator
An investor who engages in the buying and selling of financial instruments with the aim of profiting from short-term market fluctuations.
Futures Contract
A standardized legal agreement to buy or sell something at a predetermined price at a specified time in the future, typically traded on a futures exchange.
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