Alexis Company recently completed 10,600 units of its single product, consuming 32,000 labor hours that cost the firm $480,000. According to manufacturing specifications, each unit should have required 3 hours of labor time at $15.40 per hour.
On the basis of this information, determine Alexis's labor rate variance and labor efficiency variance. 
Definitions:
Preferred Spending
Often refers to the prioritization of budget allocation by individuals, businesses, or governments, favoring certain categories or sectors over others.
Canoeing and Kayaking
Recreational or competitive water sports involving navigating waterways in small, narrow vessels.
Overconfident
A cognitive bias where an individual's subjective confidence in their judgements is greater than their objective accuracy.
Casual Restaurant
A dining establishment that serves moderately priced food in a relaxed atmosphere.
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