Madrid Co. has a direct labor standard of 4 hours per unit of output. Each employee has a standard wage rate of $12.00 per hour. During February, Madrid Co. paid $100,300 to employees for 9,180 hours worked. 2,440 units were produced during February. What is the direct labor rate variance? (Do not round your intermediate calculations.)

$6,960 favorable

$9,012 favorable

$16,820 favorable

$9,860 favorable