The Alpha Company produces toys for national distribution Standards for a particular toy are: Materials: 12 ounces per unit at 56c per ounce. Labor: 2 hours per unit at $2.75 per hour. During the month of December, the company produced 1,000 units. Information for the month follows: Materials: 14,000 ounces were purchased and used at a total cost of $7,140. Labor: 2,500 hours worked at a total cost of $8,000. Calculate the labor rate variance and the labor efficiency variance, respectively. Rate Variance Efficiency Variance $1,125 U $1,375 U $2,500 U $1,500 U O $1,125 F $1,375 F O $2,500 F $1,600 F