The following labour standards have been established for a particular product: 2.0 hours Standard labour hours per unit of output Standard labour rate $15.00 per hour The following data pertain to operations concerning the product for the last month: Actual hours worked Actual total labour cost Actual output 3,700 hours $58,000 2,300 units What was the labour rate variance for the month? Multiple Choice $1,295 favourable. $2950 unfavourable. $2,950 favourable. $2,500 unfavourable