Labor Rate and Efficiency Variances Tico Inc. produces plastic bottles. Each bottle has a standard labor requirement of 0.026 hour. During the month of April, 1,000,000 bottles were produced using 25,400 labor hours @ $17.00. The standard wage rate is $15.00 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 Unfavorable Labor efficiency variance Favorable