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 $15.50 per hour. Last month, 4,980 direct labor hours were used to prepare 1,000 tax returns. Total wages were $87,150. 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.) www 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).) *( The 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).) x( direct labor rate variance might mean that Smith hired than the standard allows. This accounts for the = Requirement 4. How might the direct labor rate variance for the firm last month be causing the direct labor efficiency variance? DL rate variance As a result, the return preparers efficiency variance. ) = DL efficiency variance ) = hours