A company reports the following information for its direct labor. Actual hours of direct labor used 67,000 Actual rate of direct labor per hour $ 15 Standard rate of direct labor per hour $ 14 Standard hours of direct labor for units produced 68, 200 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. Actual Cost Standard Cost