The labor standard for a product was 5 hours at a wage rate of $8 per hour. The firm produced 8.700 units of the item. Labor costs totaled $292,254 and 43,620 hours of labor were used. An analysis of labor costs would indicate Multiple Choice a $960 favorable labor rate variance a $960 unfavorable labor time variance $55,746 unfavorable labor time variance $55.746 fevorable labor rate variance