A Companys standards for the production of a single unit of product A22 include 7.25 hours of direct labor at a cost of existI5.00 per hour. Last month, the company produced 24,000 A22. Employees were paid 52, 560, 350 for working a total of 169,000 hours. Calculate the companys labor rate variance and labor efficiency variance and indicate whether each variance is favorable or unfavorable