Vanderwaal Company uses a standard costing system. In August, 5, 340 actual labor hours were worked at a rate of $12 80 per hour. The standard number of hours is 5, 120 and the standard wage rate is $13.70 per hour. Determine the Labor Rate and Variance Labor Efficiency Variance. Labor Rate Variance $ Labor Efficiency variance $ Record the related Journal entries to record labor cost. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)