Direct Labor Variances Venneman Company produces a product that requires 7 standard hours per unit at a standard hourly rate of $12.00 per hour. If 2,800 units required 20,000 hours at an hourly rate of $11.64 per hour, what is the direct labor (a) rate variance, (b) time variance, and (c) total direct labor cost variance? Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number a. Direct labor rate variance Favorable b. Direct labor time variance Unfavorable C. Total direct labor cost variance X Favorable Check My Work o