Bulluck Corporation makes a product with the following standard costs: Standard Quantity or Hours 3.5 grams 0.7 hours 0.7 hours Standard Price or Rate $ 1.00 per gram $11.00 per hour 2.00 per hour Direct materials Direct labor Variable overhead The company reported the following results concerning this product in July Actual output Raw materials used in production Actual direct labor-hours Purchases of raw materials Actual price of raw materials purchased Actual direct labor rat Actual variable overhead rate 3,000 units 11,37e grams 1,910 hours 12,100 grams $ 1.20 per gram 11.40 per hour $ 2.10 per hour The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The labor rate variance for July is: Multiple Choice $764 F $764 U $840 U $840 F Pippin Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours. Standard Quantity or Hours per Unit of Output 5.0 grams 0.30 hours 0.30 hours Inputs Direct materials Direct labor Variable manufacturing overhead Standard Price or Rate s 7.00 per gram $21.30 per hour 9.60 per hour The company has reported the following actual results for the product for June Actual output Raw materials purchased Actual price of raw materials Raw materials used in production Actual direct labor-hours Actual direct labor rate Actual variable overhead rate 8,500 units 48,100 grams $ 7.70 per gram 42,490 grams 2,309 hours 21.70 per hour $ 9.80 per hour The labor rate variance for the month is closest to: Multiple Choice $1,020 F $1,020 U $920 F $920 U