Question: This exercise is worth 5 points. U Company makes a product that requires 1.5 direct labor hours at a standard cost of $16 per hour.

This exercise is worth 5 points. U Company makes a product that requires 1.5 direct labor hours at a standard cost of $16 per hour. Last month, the company made 41,000 units using 63,400 direct labor hours at a cost of $962,000. REQUIRED: (a) compute the two labor variances, and (b) label them by name, and (c) indicate whether each is favorable or unfavorable

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