C11-59 Requirements 1. Calculate the Labor Rate Variance (LRV) for the Roman Tower housekeeping in 2015. Hint: LRV = Actual Hours x (Actual Rate - Standard Rate). Answer the following questions about the LRV: a. Is the LRV favorable or unfavorable? How do you know? b. What are some possible reasons for this labor rate variance? 2. Calculate the Labor Efficiency Variance (LEV) for the Roman Tower housekeeping in 2015. Hint: LEV = Standard Rate x (Actual Hours - Standard Hours). Answer the following questions about the LEV: a. Is the LEV favorable or unfavorable? How do you know? b. What are some possible reasons for this labor efficiency variance