Aaron Company recently completed 11,400 units of its single product, consuming 46,000 labor hours that cost the firm $745,200. According to manufacturing specifications, each unit should have required 4 hours of labor time at $16.60 per hour. Determine Aaron's labor rate variance and labor efficiency variance. Multiple Choice A labor rate variance of $18,240 favorable; a labor efficiency variance of $6,480 favorable. A labor rate variance of $18,240 favorable; a labor efficiency variance of $6,480 unfavorable. A labor rate variance of $18,400 favorable; a labor efficiency variance of $6,640 favorable. A labor rate variance of $18,400 favorable; a labor efficiency variance of $6,640 unfavorable. A labor rate variance of $18,400 unfavorable; a labor efficiency variance of $6,640 unfavorable.