A company is considering investing in a project that costs $70,000, has an expected useful life of 3 years, a salvage value of O, and will increase net annual cash flows by $28,650. The approximate internal rate of return on this project is 10% 9% 11% 8% Bond Company uses a budgeted direct labor rate of $12 per hour. The company expects to operate at 10,000 direct labor hours each month. In November, direct labor totaling $122,720 is incurred in working 10,400 direct labor hours. A static budget report would indicate that direct labor for November was $4,800 unfavorable $2,080 favorable $2,720 unfavorable $2,000 favorable