QS 21-11 (Algo) Direct labor rate and efficiency variances LO P3 A company reports the following information for its direct labor 62,000 $ 15 $ 14 63,eee Actual hours of direct labor used Actual rate of direct labor per hour Standard rate of direct labor per hour Standard hours of direct labor for units produced AH - Actual Hours SH - Standard Hours AR - Actual Rate SR - Standard Rate Compute the direct labor rate and efficiency variances and identify each as favorable or unfavorable. Standard Cost Actual Cost