S 23-11 (Algo) Direct labor rate and efficiency variances LO P3 A company reports the following information for its direct labor. 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 72,000 $ 15 $ 14 73,900 SH Standard Hours AR Actual Rate SR Standard Rate Compute the direct labor rate and efficiency variances and identify each as favorable or unfavorable. Actual Cost Standard Cost