The following information is given for one of a company's variable expenses: The activity variance is $770 favorable. The actual amount of the expense is $8,300. The planned level of activity in the master budget is 1,000 hours. The actual level of activity is 900 hours. The budget rate per hour for this expense must be: Multiple Choice O $770 per hour $7.00 per hour O $8.70 per hour $800 per hour