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James has the following information pertaining to its usage of direct labor in a recent period: Total direct labor hours worked (AQ) 30 , 000 Total units manufactured 8, 000 Actual wage rate per hour (AP) $ 16.00 Standard cost data: Wage rate per hour (SP) $ 18 . 00 Standard hours per unit 4.0 Required: 1. Calculate (to the nearest whole dollar) the labor efficiency variance for the period. 2. Calculate (to the nearest whole dollar) the labor rate variance for the period. 3. Prepare, in proper form, the journal entry to record wage expense for the period, including any associated standard cost variances