A company reported the following standards costs for one unit: Standard Standard Quantity Price Direct Materials 7 pounds $1.80 per pound Direct Labor 0.20 hour $8.60 per hour Standard Cost $12.60 1.72 $14.32 During October, 175,000 pounds of direct materials were purchased at a total cost of $332,500. The total factory wages for the month were $52,000, 80% of which were for direct labor. The company manufactured 23,000 units of product during the month, using 152,000 pounds of direct materials and 5,000 direct labor hours. What is the direct labor rate variance? Multiple Choice $5,480 $2,229 0 $3,440 O $1,400