Question 3 5 pts \begin{tabular}{|l|r|l|} \hline Acme Inc. has the following information available: & & \\ \hline & & \\ \hline Actual price paid for material & $1.00 & \\ \hline Standard price for material & $1.20 & \\ \hline Actual quantity purchased and used in production & 100 & \\ \hline Standard quantity for units produced & 110 & \\ \hline Actual labor rate per hour & $15.00 & \\ \hline Standard labor rate per hour & $16.00 & \\ \hline Actual hours & 200 & \\ \hline Standard hours for units produced & 220 & \\ \hline & & \\ \hline \end{tabular} Calculate the Labor Rate Variance and indicate if the variance is favorable or unfavorable Calculate the Labor Efficiency (Time) Variance and indicate if the variance is favorable or unfavorable