Gates Company reports the following information regarding the production on one of its products for the month. Compute the direct labor cost variance, the direct labor rate variance, the direct labor efficiency variance and identify each as either favorable or unfavorable. 
Definitions:
Interest Rate
A cost, depicted as a proportion of the borrowed sum, which a lender demands from a borrower in exchange for asset usage.
Rational Behavior
A theory in economics suggesting that individuals make decisions based on maximizing utility and firms aim to maximize profits.
Smooth Convex Preferences
Preferences characterized by continuous and consistently increasing utility, indicating a reasoned and balanced choice pattern.
Borrow
The act of receiving something of value in exchange for the promise to return it or its equivalent value at a later date.
Q1: A company paid $200,000 ten years ago
Q4: The U.S. Census Bureau conducted the first
Q49: Official statistics are often compiled and published
Q53: Ivan Company has a goal of earning
Q68: A firm produces and sells two products,
Q88: Describe the information found on a responsibility
Q94: A company is considering a new project
Q142: Job #305 was budgeted to require 3.5
Q152: Dunkin Company manufactures and sells a single
Q163: Sales variance analysis is useful for:<br>A) Planning