Chapter 10 Exercises Seved Help Save C 4 1 points Hint Erie Company manufactures a mobile fitness device called the Jogging Mate. The company uses standards to control its costs. The labor standards that have been set for one Jogging Mate are as follows: Standard Standard Kate Standard Hours per Hour coat 24 minutes $ 2.56 During August, 8.600 hours of direct labor time were needed to make 19,900 units of the Jogging Mate. The direct labor cost totaled $53,320 for the month. Required: 1. What is the standard labor-hours allowed (SH) to makes 19,900 Jogging Mates? 2. What is the standard labor cost allowed (SHSR) to make 19,900 Jogging Mates? 3. What is the labor spending variance? 4. What is the labor rate variance and the labor efficiency variance? 5. The budgeted variable manufacturing overhead rate is $4.30 per direct labor-hour During August, the company incurred $41,280 in variable manufacturing overhead cost. Compute the variable overhead rate and efficiency variances for the month (For requirements through 5, indicate the effect of each variance by selecting "P" for favorable, "U" for unfavorable, and "None" for no effect (le, zero variance). Input all amounts as positive values. Do not round intermediate calculations.) Print Reference Standard labor-hours allowed 2. Standard labor cost allowed Labor spending variance 4. Laborrate variance 4 Labor efficiency variance 5. Variable overhead to variance 6 Variable overhead officiency variance