Which of the following may be the likely reason for a favorable direct labor rate variance? overestimated standard labor cost. changes to the product specification which reduced manufacturing time. O reduction in direct labor costs due to strike in the factory. O overestimated standard labor time per unit. An equivalent unit of material or conversion cost is equal to: The amount of material conversion cost necessary to complete one unit of production. A unit of work-in-process inventory. The amount of material or conversion cost necessary to start a unit of production into work in O Fifty percent of material or conversion cost of a unit to finished goods inventory