Perform variance analysis for General Electric's direct labor for August 2023.

Item	Amount ($)
Standard Cost per Hour	16
Actual Cost per Hour	17
Standard Hours Allowed for Actual Production	2,500 hours
Actual Hours Worked	2,700 hours

Question:

Using the given data, calculate the direct labor rate variance and the direct labor efficiency variance for General Electric for August 2023. Show your calculations and explain the significance of these variances.