The following cost information is for Rocky Company, which uses standard costing

Actual results:

Description Amount

Total cost of purchasing material $30,000

Number of labor hours worked 450 hours

Number of materjal pounds used in production 4,000 pounds

Number of units produced 400 units

Number of material pounds purchased 3,000 pounds

Total labor cost $25,000

Ricky Company has established the following standards:

Amount Costs

Price per pound of material $16.00 per pound

Standard labor rate $60.00 per hour

During the year, Rocky Company debited Work-in-Process inventory for a total of $24,000 of direct labor cost. Given these data, which one of the following pairs would be included in the summary journal entry needed to record the information related to direct labor?Note: Assume that wages have NOT yet been paid in cash.

DEBIT Labor Efficiency Variance for $3,000; CREDIT Labor Rate Variance for $2,000

CREDIT Labor Efficiency Variance for $3,000; DEBIT Labor Rate Variance for $2,000

DEBIT Labor Efficiency Variance for $1,000; CREDIT Labor Rate Variance for $3,000

CREDIT Labor Efficiency Variance for $1,000; DEBIT Labor Rate Variance for $2,500

DEBIT Labor Efficiency Variance for S1,000; CREDIT Labor Rate Variance for $2,500

DEBIT Labor Efficiency Variance for $2,000; CREDIT Labor Rate Variance for $1,000

CREDIT Labor Efficiency Variance for $2,000; DEBIT Labor Rate Variance for $1,000