Oxide Oil performs oil changes. The standard wage rate for oil change technicians is $16 per hour. By analyzing its past records of time spent on oil changes, the company has developed a standard of 18 minutes (or 0.30 hours) per oil change. In July, 1,700 oil changes were performed at Oxide Oil. Oil change technicians worked a total of 250 direct labor hours at an average rate of $23 per hour Read the requirements Requirement 1. Calculate the direct labor rate variance Determine the formula for the rate variance, then compute the rate variance for the direct labor. (Enter the result as a positive number Label the variance as favorable (F) or unfavorable (U). Enter the currency amount in the formula to the nearest cent, then round the final variance amount to the nearest whole dollar Abbreviations used: DL = Direct labor) ) = DL rate variance Requirement 2. Calculate the direct labor efficiency variance Determine the formula for the efficiency variance, then compute the efficiency variance for the direct labor. Enter the result as a positive number. Label the variance as favorable (F) or unfavorable (U). Enter the currency amount in the formula to the nearest cent, then round the final variance amount to the nearest whole dollar. Abbreviations used: DL Direct labor.) ) DL efficiency variance Shepard Industries produced 4,000 tables last month. The standard variable manufacturing overhead (MOH) rate used by the company is $24 per machine hour. Each table requires 0.3 machine hours. Actual machine hours used last month were 1,170, and the actual variable MOH rate last month was $22.00 Requirements 1. Calculate the variable overhead rate variance. 2. Calculate the variable overhead efficiency variance. Requirement 1. Calculate the variable overhead rate variance. Begin by determining the formula for the variable overhead rate variance, then compute the variable overhead rate variance. (Enter the variance as a positive number. Enter amounts in the formula to the nearest cent and then the final variance amount to the nearest whole dollar. Label the variance as favorable (F) or unfavorable (U).) Variable overhead rate variance = Requirement 2. Calculate the variable overhead efficiency variance. Begin by determining the formula for the variable overhead efficiency variance, then compute the variable overhead efficiency variance. (Enter the variance as a positive number. Enter amounts in the formula to the nearest cent and then the final variance amount to the nearest whole dollar. Label the variance as favorable (F) or unfavorable (U).) Variable overhead efficiency variance