2. Labor Variance Analysis. During the month, 1,200 units of Topo were produced. Actual direct labor required was 650 direct labor hours at an actual total cost of $ 6,370. According to the standard cost card for Topo, half an hours of labor should be required per unit of Topo produced, at a standard cost of $10 per labor hour. Required: Compute the labor rate and efficiency variances, indicating whether the variances are favorable or unfavorable