1. The labor rate variance measures the difference between the actual hourly rate and the standard hourly rate, multiplied by the standard hours allowed for the actual output II. If the actual hourly rate is greater than the standard hourly rate, the labor rate variance is labeled unfavorable (U). III. The labor efficiency variance is labeled favorable (F if the actual hours used is less than the standard hours allowed for the actual output. Multiple Choice None of the statements are true. Al of the statements are true. Both statements if and Iil are true. Only statement I is true