Ribcos labor cost information for making its only product for March is as follows:

What is the rate variance? (enter positive for favorable, negative for unfavorable).

What is the efficiency variance? (enter positive for favorable, negative for unfavorable).

Standard hours per unit Budgeted units for the period Finished units for the period Standard rate per hour Actual labor costs incurred Actual rate paid per hour 1.25 12,000 10,000 $ 40 $414,000 $ 36