The following labor standards have been established for a particular product: Standard labor-hours per unit of output..... 1.1 hours Standard labor rate $11.60 per hour The following data pertain to operations concerning the product for the last month: Actual hours worked.......... 9,400 hours Actual total labor cost $107,630 Actual output... 8,600 units What is the labor rate variance for the month? $687 Favorable $2,106 Favorable O $1,410 Favorable