Q8. A company manufactures washing machines. The budgeted output is 1,500 washing machines each accounting period. The standard cost of each washing machine includes 0.25 hours of direct labour at 16 an hour. The following information is available for a particular accounting period: 1,350 washing machines were made 340 hours of labour were worked at the cost of 5,100 What are the labour rate and labour efficiency variances? ABCD Labour rate 340 favourable; labour efficiency 40 favourable. Labour rate 1,360 favourable; labour efficiency 160 favourable. Labour rate 1,360 favourable; labour efficiency 160 adverse. Labour rate 340 favourable; labour efficiency 40 adverse. (5 Marks)