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 75,000 $ 16 Standard rate of direct labor per hour Standard hours of direct labor for units $ 14 76,400 produced AH Actual Hours SH Standard Hours AR Actual Rate = SR Standard Rate Standard Cost Compute the direct labor rate and efficiency variances and identify each as favorable or unfavorable. Actual Cost $ 0 $ 00 $