Pohmer Ol pertorms oil changes. The standard wage rate for oll change technicians is $20 per hour, By analyzing its past rocords of time spent cn oil changes, the company has developed a standard of 24 minutes (or 0.40 hours) per ol change. In July. 1,500 oil changes were pertormed at Polymer Ol. Ol change fechnikans worked a totad of 295 direct labor hours at an average rate of $25 per hour. Read the reovitements Requirement 1. Calculate the direct labor rate variance. Deinrmine the formua for the rate variance, then corrpute the rate variance for the drect labor. (Enter the resull as a positive number, Label the variance as tavorable (F) or infavonabie, (I). Enter the currency amount in the lormule to the nearest cent, then round the final variance amourt to the nearest whole dollar. Abbravatons used: DC * Direct laboc.) Y=DLratevarianceY=W Requirements 1. Calculate the direct labor rate variance. 2. Calculate the direct labor efficiency variance