3. The Norfolk Company is using z a standard cost system. In July the company used...

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3. The Norfolk Company is using z a standard cost system. In July the company used 3,000 hours of direct labor at an actual cost of $72,000; the standard wage per hour is $23. Also, given the actual output, the standard hours of labor allowed for July production was 2,975 hours. The labor price variance for July was: $3,000 U $3,000 F $2,975 F $2,975 U 4. In continuation of Q3, the labor efficiency variance for July was: $ 600 U $575 U $575 F $ 600 F 2 3. The Norfolk Company is using z a standard cost system. In July the company used 3,000 hours of direct labor at an actual cost of $72,000; the standard wage per hour is $23. Also, given the actual output, the standard hours of labor allowed for July production was 2,975 hours. The labor price variance for July was: $3,000 U $3,000 F $2,975 F $2,975 U 4. In continuation of Q3, the labor efficiency variance for July was: $ 600 U $575 U $575 F $ 600 F 2