Fast

A Company's standards for the production of a single unit of product A22 include 7.25 hours of direct labor at a cost of $15.00 per hour. Last month, the company produced 24,000 A22. Employees were paid $2,560,350 for working a total of 169,000 hours. Calculate the company's labor rate variance and labor efficiency variance and indicate whether each variance is favorable or unfavorable