7 The following direct labor standards have been established for a particular product: Standard direct labor-hours: Standard direct labor wage rate: 6.25 hours per unit $14.25 per hour The following data pertains to last month's operations: Actual out of product: 1,600 units Actual direct labor hours worked: Actual direct labor wages paid: 9,500 $132,050 REQUIRED: Using the standard cost model, compute each of the following, show all your calculations 7a What was the labor rate variance for the month? Is this variance favorable or unfavorable? \begin{tabular}{|l|} \hline \\ \hline \\ \hline \end{tabular}