Starts Inc. produces a product that require 8.00 standard hours per unit at a standard hourly rate of $32.00 per hour. Production of 2,500 units required 18,000 hours at an hourly rate of $35.00 per hour. What is the direct labor (a) rate variance, (b) time variance, and (c) total cost variance? (d) Perform the journal entries related to the variances