Requirements 1. Calculate the direct labor rate variance. 2. Calculate the direct labor efficiency variance. Print Done Bay Oll performs oil changes. The standard wage rate for oil change technicians is $13 per hour. By analyzing its past records of time spent on oil changes, the company has developed a standard of 12 minutes or 0.20 hours) per oil change. In July 1,500 oil changes were performed at Bay Oil Oil change technicians worked a total of 280 direct labor hours at an average rate of $25 per hour. Read the quirement Requirement 1. Calculate the direct labor rate variance Determine the formula for the rate variance, then compute the rate variance for the direct labor (Enter the result as a positive number Label the variance as favorable (F) or unfavorablo (U). Enter the currency amount in the formula to the nearost cont, then round the final variance amount to the nearest whole dollar Abbreviations usedDL Direct labor) DL rate variance