A company reports the following information for its direct labor.

Actual hours of direct labor used $73,000$

Actual rate of direct labor per hour $ $16$

Standard rate of direct labor per hour $ $14$

Standard hours of direct labor for units produced $74,900$

AH $=$ Actual Hours

SH $=$ Standard Hours

AR $=$ Actual Rate

SR $=$ Standard Rate

Compute the direct labor rate and efficiency variances and identify each as favorable or unfavorable.