Labor Rate and Efficiency Variances Tico Inc. produces plastic bottles. Each bottle has a standard labor requirement of 0.025 hour. During the month of April, 1,000,000 bottles were produced using 23,600 labor hours @ $18.00. The standard wage rate is $16.00 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. Labor rate variance $ Labor efficiency variance $