Labor Valances Verde Camaany produces whes for bicydes. During the year, 651,000 wheels were produced. The actuabor sed was 350,000 hours at $9.50 per hour. Vorde has the following ta standards: 1) 510.00 per hour. 2) 0.45 hour per weet Required: 1. Compute the laborate variance 2. Compute the storiency variance