Labor Rate and Mclency 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 24,000 labor 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