The following data relate to direct labor costs for the current period: 
What is the direct labor time variance?
Definitions:
Present Value
The current value of a future sum of money or stream of cash flows given a specified rate of return, commonly used to appraise long-term projects.
Discount Rate
The interest rate used to determine the present value of future cash flows in discounted cash flow analysis. It reflects the opportunity cost of capital.
Present Value
The value at present of future cash receipts or a lump sum, taking into consideration a specified rate of return.
Future Value
The value of an asset or cash at a specified date in the future that is equivalent in value to a specified sum today, taking into account interest or return on investment.
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