4) (2 points) Boldrin Inc. has a standard cost system. The standards for direct labor for one of its products are the following: Direct labor Standard Standard Hours per Unit of Output 0.20 hours Rate $18.70 per hour The company has reported the following actual results for the product for August Actual output Actual direct labor-hours Actual direct labor cost 1,300 units 250 hours $4,625 Required: 1. Compute the labor rate variance for August. Indicate whether the variance is favorable (F) or unfavorable (U): b. Compute the labor efficiency variance for August. Indicate whether the variance is favorable (F) or unfavorable (U)