Madrid Co. has a direct labor standard of 4 hours per unit of output. Each employee has a standard wage rate of $11.80 per hour. During February, Madrid Co. paid $99,800 to employees for 9,220 hours worked. 2,460 units were produced during February. What is the direct labor efficiency variance? $8,996 favorable $7,316 favorable $16,312 favorable $8,148 favorable