Exercise $8-14$A $($Algo$)$ Calculating and explaining labor price and usage variances LO $8-6$

Russell and Sons, a CPA firm, established the following standard labor cost data for completing what the firm referred to as a Class $2$ tax return. Russell expected each Class $2$ return to require $3\mathrm{.}8$ hours of labor at a cost of $$43$ per hour. The firm actually completed $690$Class $2$ returns. Actual labor hours averaged $3\mathrm{.}3$ hours per return and actual labor cost amounted to $$53$ per hour.

Required

Determine the total labor variance and indicate whether it is favorable $($F$)$ or unfavorable $($U$).$

Determine the labor price variance and indicate whether it is favorable $($F$)$ or unfavorable $($U$).$

Determine the labor usage variance and indicate whether it is favorable $($F$)$ or unfavorable $($U$).$