EXERCISE 11-4. Calculating Labor Variances [LO 1] At Frigicor, the standard quantity of labor is 22 hours per refrigeration unit. The standard wage rate is $35. In July, the company produced 75 refrigeration units and incurred 2,100 labor hours at a cost of $69,000. This exercise is related to a case in Chapter 7 that dealt with decision making and constraints. Standard Costs and Varianco Ansiy REQUIRED Calculate the labor rate variance and the labor efficiency variance. Indicate whether the variances are favorable or unfavorable