Frasco Inc. produces plastic bottles. Each bottle has a standard labor requirement of 0.025hours…. 1 answer below »

Frasco Inc. produces plastic bottles. Each bottle has a standard labor requirement of 0.025hours. During the month of April, 750,000 bottles were produced using 21,000 labor hours@ $10.00. The standard wage rate is $9.50 per hour. Required: Calculate the labor rate and efficiency variances using the columnar and formula approaches.