places and Investment Turnover" to 3 3 decimal places.) Profit Margin Investment Turnover Jackson Canal c. Calculate the residual income for each division. Residual Income Jackson Canal 42 42) Mjolnir Corp. relies on a standard cost system to account for the costs of its one product. Standards are 2.8 pounds of materials at $14 per pound and 4.1 hours of labor at a standard wage rate of $10. During July, Mjolnir Corp. produced 3360 units. Materials purchased and used totaled 10,100 pounds at a total cost of $143.650. Payroll totaled $133.890 for 13.180 hours worked. a. Calculate the direct labor rate variance. (Do not round your intermediate calculations. Indicate the effect of variance by selecting "Favorable", "Unfavorable", or "None" for no effect (i.e., zero variance).) Rate Variance b. Calculate the direct labor efficiency variance. (Indicate the effect of variance by selecting "Favorable", "Unfavorable", or "None" for no effect fi.e., zero variance).) Efficiency Variance