The following labor standards have been established for a particular product: 
The following data pertain to operations concerning the product for the last month: 
Required:
a.What is the labor rate variance for the month?
b.What is the labor efficiency variance for the month?
Definitions:
Operating Income
Earnings before interest and taxes (EBIT), representing a company's profit from regular operations, excluding non-operational income and expenses.
Retained Earnings
Profits that a company has earned to date, less any dividends or other distributions paid to shareholders.
Dividends
Payments made by a corporation to its shareholder members. It is the portion of corporate profits paid out to stockholders.
Net Income
The total profit of a company after all expenses and taxes have been deducted from revenue, indicating the company's bottom line.
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