Please help and show work. Thank you he following labor standards have been established for a particular product: The following data pertain to operations concerning the product for the last month: What is the labor rate variance for the month? (Input the amount as a positive value. Leave no cells blank - be certain to enter \"0\" wherever required. Indicate the effect of each variance by selecting \"F\" for favorable, \"U\" for unfavorable, and \"None\" for no effect (i.e., zero variance). Omit the \"$\" sign in your response.) What is the labor efficiency variance for the month? (Input the amount as a positive value. Leave no cells blank - be certain to enter \"0\" wherever required. Indicate the effect of each variance by selecting \"F\" for favorable, \"U\" for unfavorable, and \"None\" for no effect (i.e., zero variance). Omit the \"$\" sign in your response.) he following labor standards have been established for a particular product: Solution a. labour rate variance= (Actual Quantity*Actual Rate)-(Actual quantity*Standard Rate) =(1500*20.70)-(1500*20.60) =150 F Actual Rate=Actual total labour cost/actual hrs worked b.Labour Efficiency Variance=(Actual hours*Standard Rate)-(Standard hours*Standard Rate) =(7400*20.60)-(7200*20.60) =1520440-148320 =4120 F Standard hours= Actual output*standard labour hours per unit of output.