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 23,800 tabor hours $14.00. The standard wage rate is $12.00 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