Picturelt Company produces picture frames. During the year, 200,000 picture frames were produced. Materials and labor standards for producing the picture frames are as follows: Direct Materials (2 pieces of wood @ $3.00) $6.00 Direct Labor (2 hours @ $11.00/hour) $22.00 Piturelt purchased and used 600,000 pieces of woods at $4.00 each, and its actual labor hours were 320,000 hours at a wage rate $13.00. What is Picturelt's labor rate variance? O $450,000 F $320,000 U 0 $640,000 0 O $660.500 F