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. paid $100,000 to employees for 9,240 hours worked. 2,480 units were produced during February. What is the direct labor rate variance? (Do not round your intermediate calculations.) $6,260 favorable $14,080 favorable $5,412 favorable $7,820 favorable