Motts Inc.has a standard cost system in which the standard direct labor for a particular product is 0.50 hours at the standard rate of $21.00 per hour.The company has reported the following actual results for the product for October: 
Required:
a.Compute the labor rate variance for October.
b.Compute the labor efficiency variance for October.
Definitions:
Common Stock
A type of equity security that represents ownership in a corporation, providing voting rights and a residual claim on corporate earnings and assets.
Dividends
Payments made by a corporation to its shareholder members, usually derived from the company's earnings, distributed according to the number of shares each owns.
Income Statement
A financial report that shows a company’s revenues, expenses, and profit over a specified period of time.
Business Users
Individuals or entities that utilize information, services, or products for business purposes, as opposed to personal use.
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