The direct labor standards for a particular product are 4 hours of direct labor at $14.00 per direct labor-hour= $56.00. During October, 3,550 units of this product were made, which was 150 units less than budgeted. The labor cost incurred was $197,676 and 14,450 direct labor-hours were worked. Required: 1. Using the template provided below, calculate the labor rate variance, labor efficiency variance and spending variance for the month in total dollars. Make sure to identify the variances as favorable (F) or unfavorable (U). Actual Hours, at Actual Hours, at Standard Hours Actual Rate Standard Rate Allowed for Output. at Standard Rate (AH x AR) (AH x SR) (SH * SR) Labor rate variance. Labor efficiency variance, Spending Variance