P3-2. Labor variance. The following direct labor standards have been established for product W88V: The following data pertain to last month's operations: Instructions: b. What was the labor rate variance for the month? a. Indicate whether the rate variances is favorable (F) or unfavorable (U). b. Explain possible causes of the variances. b. What was the labor efficiency variance for the month? b. Indicate whether the efficiency variances is favorable (F) or unfavorable (U). c. Explain possible causes of the variances