III. The Whip-It Leather Corporation, which uses a standard costing system, provides the following data concerning its operations during last week for one of its products: Finished units produced. 200 units Standard labour hours allowed per product unit. 3 hours Standard wage rate per hour.. $ 12 Actual wage rate per hour.. $ 11 Total direct labour hours actually used. 550 hours Required: 1. Calculate the direct labour rate and efficiency variances. 2. Provide the journal entry. SIXAO