James has the following information pertaining to its usage of direct labor in a recent period: 
Required:
1. Calculate the labor efficiency variance for the period.
2. Calculate the labor rate variance for the period.
3. Prepare, in proper form, the journal entry to record wage expense for the period, including any associated standard cost variances.
Definitions:
Risk Aversion
A preference for avoiding loss over making a gain, indicating a greater sensitivity to losses than to equivalent gains.
Mental Accounting
A concept in behavioral economics where individuals categorize and treat money differently based on subjective criteria, often leading to irrational financial decisions.
Retirement Account
A financial account designed for saving money towards retirement, often offering tax benefits.
Contributions
Payments or services provided by individuals or organizations towards a common fund or cause, often used in the context of charitable donations or participation in joint projects.
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