Acme Companys production budget for August is 17,800 units and includes the following component unit costs: direct materials, $6.00; direct labor, $10.00; variable overhead, $6.00. Budgeted fixed overhead is $35,000. Actual production in August was 19,368 units. Actual unit component costs incurred during August include direct materials, $8.10; direct labor, $9.50; variable overhead, $7.50. Actual fixed overhead was $36,800. The standard direct labor cost per unit consists of 0.5 hour of labor time at $20 per hour. During August, $183,996 of actual labor cost was incurred for 8,070 direct labor hours. Required: Calculate the labor rate variance and labor efficiency variance for August. Note: Indicate the effect of each variance by selecting "F" for favor Answer is complete but not entirely correct. Labor rate variance $(84,735)selected answer incorrect Uselected answer correct Labor efficiency variance $(32,280)selected answer correct F