1. Ledezma Corporation makes a product with the following standards for direct labor and variable overhead: Direct labor Variable overhead. Standard Quantity or Hours 0.5 hours 0.5 hours Standard Price or Rate $11.00 per hour $8.00 per hour In May the company produced 2,500 units using 1,210 direct labor-hours. The actual variable overhead cost was $9,922. The company applies variable overhead based on direct labor-hours Calculate the following 1. Direct labor rate variance 2. Direct labor efficiency variance 1. Ledezma Corporation makes a product with the following standards for direct labor and variable overhead: Direct labor Variable overhead. Standard Quantity or Hours 0.5 hours 0.5 hours Standard Price or Rate $11.00 per hour $8.00 per hour In May the company produced 2,500 units using 1,210 direct labor-hours. The actual variable overhead cost was $9,922. The company applies variable overhead based on direct labor-hours Calculate the following 1. Direct labor rate variance 2. Direct labor efficiency variance