Colin Corporation uses a standard cost system for the production of its water ski radios. The direct labor standard for each radio is 1.5 hours. The standard direct labor cost per hour is $12.15. During the month of August, Colin's water ski radio production used 7.000 direct labor-hours at a total direct labor cost of $87.290. This resulted in production of 4,800 water ski radios for August. What is Colin's labor rate variance for August? $2.240 Favorable $2.430 Favorable $2,240 Unfavorable $2.430 Unfavorable Question 22 4 pts A total of 4,840 kilograms of a raw material was purchased at a total cost of $22.400. The materials price variance was $1,800 favorable. The standard price per kilogram for the raw material must be: $5.00 53.00 $4.26 54.80