Labor Variances

Verde Company produces wheels for bicycles. During the year, $655,000$ wheels were produced. The actual labor used was $361,000$ hours at

$$9\mathrm{.}30$ per hour. Verde has the following labor standards: $1)$ $$10\mathrm{.}00$ per hour; $2)0\mathrm{.}51$ hour per wheel.

Required:

Compute the labor rate variance.

$

Compute the labor efficiency variance.