Labor Variances Verde Company produces wheels for bicycles. During the year, 652,000 wheels were produced. The actual labor used was 363,000 hours at $9.50 per hour. Verde has the following labor standards: 1) $9.90 per hour; 2) 0.48 hour per wheel. Required: 1. Compute the labor rate variance Favorable 2. Compute the labor efficiency variance Unfavorable They w Partially correct Area