Homework: Chapter 11 Homework (GRADED) Question 4, S11-6 Part 1 of 2 Racer Oil performs oil changes. The standard wage rate for oil change technicians is $9 per hour. By analyzing its past records of July, 1400 oil changes were performed at Racer Oil Oil change technicians worked a total of 295 direct labor hours at an averag 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 num cent, then round the final variance amount to the nearest whole dollar. Abbreviations used: DL - Direct labor. birate variance In 4, S11-6 (simil... Part 1 of 2 HW Score: 0%, 0 of 7 points O Points: 0 of 1 Save Sant records of time spent on ol changes, the company has developed a standard of 21 minutes (or 0.35 hours) per oil change. In s at an average rate of $20 per hour. sa positive number. Label the variance as favorable (F) or unfavorable (U). Enter the currency amount in the formula to the nearest rate variance used: DL = Direct labor.) Requirements 1. Calculate the direct labor rate variance. 2. Calculate the direct labor efficiency variance. Print Done