The following direct labor standards have been established for product E45O: 
The following data pertain to last month's operations: 
Required:
a. What was the labor rate variance for the month?
b. What was the labor efficiency variance for the month?
Definitions:
Black-Scholes
A mathematical model used for pricing European-style options, taking into account factors like volatility, underlying asset price, strike price, and time to expiration.
American Style Puts
Options that give the holder the right to sell a specific stock at a specified price before the option expires.
Pricing Model
A Pricing Model is a strategy or formula used to determine the best price for a product or service, based on factors such as cost, competition, and value to the customer.
ESOs
Employee Stock Options are options granted to employees as part of their compensation package, allowing them to purchase company stock at a set price.
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