5. Rainy Day Hospitality Company compares its budget figures with the actual results along with the standards created by the management. The following table presents the standard and actual operational data for the labor expense in July: Standard (Budgeted): Rate per hour $6.00 Actual Total Hours worked 2,120 Allowable Time for Actual Output 2.941 Based on the information, calculate the efficiency variance for the Rainy Day Hospitality Company for July