Madrid Co. has a direct labor standard of 4 hours per unit of output. Each employee has a standard wage rate of $11.50 per hour. During February, Madrid Co. pald $100,000 to employees for 9,160 hours worked. 2,450 units were produced during February What is the direct labor rate variance? Multiple Choice $12,700 favorable $7,360 favorable O $4,492 favorable $5,340 favorable