Labor Variances Verde Company produces wheels for bicycles. During the year, 657,000 wheels were produced. The actual labor used was 363,000 hours at $9.30 per hour. Verde has the following labor standards: 1) $10.40 per hour; 2) 0.46 hour per wheel. Required: dropdown 1. Compute the labor rate vaiaCe $ Favorable 2. Compute the labor efficiency variance. Unfavorable V Feedback Y Check My Work Partially correct