Exercise 10-3 (Algo) Variable Overhead Variances [LO10-3] Logistics Solutions provides order fuifilment services for dot com merchants The compaiy maintains warehouses that stock items caried by its dotcom clieats. When a clent lecelves an order from a customer the order is forwarded to logistics Solutions, which pulls the item from storage. packs it, and ships it to the customlet. The company uses a predetermined varnable overhead rate based on direct laborhours In the most recent month, 150,000 items were shipped to customers using 5,900 direct fatbor-hours. The compony incurred a total of $18,290 in variable overhead costs: According to the company's standards, 003 direct labor-hours are required to fulfill an order for one item and the variable ovethead rate is $315 per direct fabor hour Required: What is the standerd labor-hours allowed (SH) to ship 150,000 temens to customers? 2. What is the standard vahable overhead cost allowed (SH * SR) to ship 150.000 items to customers? 3. What is the variable overhead tipending varance? 4. What is the variable overhead rate variance and the voniable overhead efficiency variance? (For requirements 3 and 4 , indicate the effect of each vatiance by selecting "F= for fovorable, "U" for unfavorable, and "None" for no effect (L.e., zero variance). Input all amounts as positive values. Do not round intermediate calculations.)