Caballero Corp produces leather saddles. The company has standard cost system, with the following standards for materials & labor: Leather (20 strips @ $15) = $300 Direct labor (15 hrs @ $15) = $225 Total Prime Cost = $525 During the yr, Caballero produced 150 saddles. Actual leather purchased was 3100 strips at $12/strip. There were no beginning & ending inventories of leather. Actual direct labot was 2500 hrs at $16/hour. Calculate labor rate variance & labor efficiency variance