Exercise 8-9 Computing Labor Variances Fill in the missing figures for each of the following independent cases (Round all rates to the nearest cent and all totals to the nearest dollar.) Use "F" and "U" to designate favorable and unfavorable variances. Enter all amounts positive numbers Case 1 Case 2 Standard production Standard hours per unit Standard hours allowed 1,200 2,000 1,200 2,400 Standard rate per hour $15 2 Actual hours used 2,340 1,220 Actual labor cost $35,825.4 2732.8 Labor rate variance $725 U $290 U Labor efficiency variance $400 U 900