Labor Rate and Efficiency Variances

Lata Inc. produces aluminum cans. Each can has a standard labor requirement of $0\mathrm{.}04$ hour. During the month of May, $500,000$ cans were produced using $19,000$ labor hours @ $$15\mathrm{.}50.$

The standard wage rate is $$15\mathrm{.}00$ per hour.

Required:

Calculate the labor rate and efficiency variances using the columnar and formula approaches. Enter amounts as positive numbers and select Favorable or Unfavorable.

$\backslash$table$[[$Labor rate variance,$$,],[$Labor efficiency variance,$$,]]$