A company uses the following standard costs to produce a single unit of output Direct materials Direct labor Manufacturing overhead $4.50 5 pounds at $0.90 per pound- 0.2 hour at $8.00 per hour- 0.2 hour at $3.20 per hour = $ 1.60 $ 0.64 During the latest month, the company purchased and used 47,000 pounds of direct materials at a price of $110 per pound to produce 10,000 units of output. Direct labor costs for the month totaled $13,072 based on 1,720 direct labor hours worked. Variable manufacturing overhead costs incurred totaled $3,400 and fixed manufacturing overhead incurred was $12,000. Based on this information, the direct labor efficiency variance for the month was: Multiple Choice $688 unfavorable $68 favorable $2,928 favorable