Total production of 1,000 units of finished goods required 3,000 actual hours at $12 per hour. The standard is 3 hours per unit of finished goods, at a standard rate of $11.50 per hour. Which of the following statements is true?

The labor efficiency variance is $1,400 unfavorable

The labor rate variance is $1500 unfavorable

The labor efficiency variance is $1,400 favorable

The labor rate variance is $1500 favorable

None of these