Exercise 4.The following direct labor standards have been established for product: Standard direct labor-hours1.5hours per unit Standard direct labor wage rate The following data pertain to last month's operations: Actual output of product Actual direct labor-hours worked Actual direct labor wages$14,800 paid 720lunits 1,000 hours Required: a. What was the labor rate variance for the month? b. What was the labor efficiency variance for the month