Gemstone Manufacturing Inc. is analyzing its labor efficiency variance for its new toe ring product. The standard time to produce a toe ring is 0.5 hours and standard cost of labor is $8.00 per hour. During October, actual direct labor hours were 5,000 and actual direct labor costs were $50,000. If 10,500 toe rings were made, what is the labor efficiency variance for this new product? Group of answer choices

250 favorable

$10500 favorable

$10000 unfavorable

$2,500 unfavorable

$2,000 favorable