7. The standard cost for a unit is: Direct materials: 5 lbs x $10 Direct Labor: 2 hours x $15 Variable Overhead 2 hours x $8 $50 $30 $16 Actual results: 2,100 units produced. 10,000 lbs. of material were purchased for $98,000, and used in production. 4,280 labor hours used at a cost of $62,060. Actual variable overhead was $35,524. The direct labor efficiency variance will be: (1 Point) $2,140 favorable O $1,200 favorable $1,200 unfavorable $2,000 unfavorable 8. The standard cost for a unit is: Direct materials: 5 lbs x $10 Direct Labor: 2 hours x $15 Variable Overhead 2 hours x $8 $50 $30 $16 Actual results: 2, 100 units produced. 10,000 lbs. of material were purchased for 598,000, and used in production. 4,280 labor hours used at a cost of $62,060. Actual variable overhead was $35,524. The variable overhead rate variance will be: (1 Point) O $1,200 favorable $1,284 unfavorable O $1,924 unfavorable $640 unfavorable