Madrid Co. has a direct labor standard of 4 hours per unit of output. Each employee has a standard wage rate of $13.00 per hour. During February, Madrid Co. paid $99,600 to employees for 9,240 hours worked. 2,480 units were produced during February. What is the direct labor efficiency variance?

• $20,520 favorable

• $29,360 favorable

• $8,840 favorable

• $19,672 favorable