Smith Tax Services prepares tax returns for senior citizens. The standard in terms of (direct labor) time spent on each return is 5 hours. The direct labor standard wage rate at the firm is $16.00 per hour. Last month, 2,990 direct labor hours were used to prepare 600 tax returns. Total wages were $49,335 Read the requirements. Requirement 1. What is the actual (direct labor) wage rate per hour paid last month? (Round your answer to the nearest cent.) The actual (direct labor) wage rate per hour paid last month is Requirement 2. What is the direct labor rate variance? (Abbreviations used: DL = Direct labor) Begin by determining the formula for the rate variance, then compute the rate variance for direct labor. (Enter the variance as a positive number. Round interim calculations to the nearest cent and your variance amount to the nearest whole dollar. Label the variance as favorable (F) or unfavorable (U).) DL rate variance Requirement 3. What is the direct labor efficiency variance? (Abbreviations used: DL = Direct labor) Determine the formula for the efficiency variance, then compute the efficiency variance for direct labor. (Enter the variance as a positive number. Round interim calculations to the nearest cent and your variance amount to the nearest whole dollar. Label the variance as favorable (F) or unfavorable (U).) ) = DL efficiency variance Requirement 4. How might the direct labor rate variance for the firm last month be causing the direct labor efficiency variance? The direct labor rate variance might mean that Smith hired V. As a result, the return preparers hours than the standard allows. This accounts for the efficiency variance