1 If the internal rate of return exceeds the required rate of return for a project, then the net present value of that project is positive. True False 2 The following labor standards have been established for a particular product: Standard labor-hours per unit of output 5.4 hours Standard labor rate 10.2 per hour The following data pertain to operations concerning the product for the last month: Actual hours worked 1000 hours Actual total labor cost $10600 Actual output 200 units What is the labor rate variance for the month? $400 U $80 U $400 F $80 F What is the labor efficiency variance for the month? $848 F $816 F $416 U $416 F