Problem 2 Labor Variances (30 Points) The following direct labor data pertain to the operations of Bell Chime Manufacturing Company for the month of January Actual labor rate Actual hours used Standard labor rate Standard hours allowed $18.50 per hr. 19,000 $18.00 per hr. 20,000 Required: Prepare a matrix and calculate the labor variances. Be sure to label all variances as favorable (F) or unfavorable (U). Actual Hours x Actual Rate Actual Hours x Standard Rate Standard Hours Standard Rate Cost/Price Variance Efficiency/Quantity Variance Total Labor Variance