Response to the following problem:
Alpine Bicycle Company manufactures mountain bikes. The following data for May of the current year are available:
Quantity of direct labor used ............... 600 hrs.
Actual rate for direct labor ........... $12.50 per hr.
Bicycles completed in May ...................... 280
Standard direct labor per bicycle .............. 2 hrs.
Standard rate for direct labor ......... $12.75 per hr.
Planned bicycles for May .......................... 310
Determine the direct labor rate and time variances.