Name Signed Problem Vorben Mease complete the following problem to the best of your en variances and indicate whether they are favorable or unfavorable Ve the following cost information to calculate the direct labor rare and efficiency Actual costs and quantities Direct labor cost incurred $374,000 Direct labor hours used Units produced 22.000 hours 40,000 units Standard costs and quantities Direct labor rate per hour Budgeted hours to peeduce one unit Actual costs and quantities Direct labor cost incurred $360,000 Direct labor hours used 20,000 hours Unats prodaced 45,000 units Standard costs and quantities Direct labor rate per hour $16.50 O Shours Hours to produce one unit Part 1 (30 points) Variance Calculations Calculate the direct labor price and efficiency variance $17.50 5 Part 2 (10 points) Variance Explanations: Please explain why these variances may have occurred