Labor Rate and Efficiency Variances Botella Inc. produces plastic bottles. Each bottle has a standard labor requirement of 0.026 hours. During the month of April, 502,000 bottles were produced using 14, 200 labor hours @ $9.5. The standard wage rate is $8 per hour. Calculate the labor rate and efficiency variances using the columnar and formula approaches. If required, round your answers to the nearest cent. Labor rate variance $ Labor efficiency variance $