Cyri Oil performs oil changes. The standard wage rate for oil change technicians is $19 per hour. By analyzing its past records of time spent on oil changes, the company has developed a standard of 12 minutes (or 0.20 hours) per oil change. In July, 1,500 oil changes were performed at Cyri Oil. Oil change technicians worked a total of 280 direct labor hours at an average rate of $20 per hour. Read the requirements Requirement 1. Calculate the direct labor rate variance Determine the formula for the rate variance, then compute the rate variance for the direct labor. (Enter the result as a positive number. Label the variance as favorable (F) or unfavorable (U). Enter the currency amount in the formula to the nearest cent, then round the final variance amount to the nearest whole dollar. Abbreviations used: DL Direct labor.) Actual hours Actual rate Standard rate DL rate variance 280 20.00 19.00 280 Requirement 2. Calculate the direct labor efficiency variance Determine the formula for the efficiency variance, then compute the efficiency variance for the direct labor. (Enter the result as a positive number. Label the variance as favorable (F) or unfavorable (U). Enter the currency amount in the formula to the nearest cent, then round the final variance amount to the nearest whole dollar. Abbreviations used: DLDirect labor.) Standard rate x Standard hours allowed Actual hours -DL efficiency variance 19.00 280