The following details were extracted from the standard cost card of a component: Rw materials: 2Kgs@$4 per Kg Direct labour: 4.75 hrs @ $6 per hour During the period, actual results were as follows: Production- 2,000 components. Direct material purchase and usage- 4,000Kgs at a cost of $20,000. Wage Paid: (9,800 hrs )$59,000 What is the Labour Rate Variance