7. Cyric Companys labor standard for one unit of a given product is 12 hours, and the standard rate for one hour of labor is $70. The company actually made 300 units of the product, and used 3,300 hours of labor, and incurred $260,000 labor cost.

1. Compute the rate variance
2. Is the rate variance favorable or unfavorable?
3. Compute the efficiency variance
4. Is the efficiency variance favorable or unfavorable?
5. Compute the spending (total) variance
6. Is the spending (total) variance favorable or unfavorable?