Exercise 9.6 (Algo) Variable Overhead Variances (LO9-6) Logistics Solutions provides order fulfilment services for dot.com merchants. The company maintains warehouses that stock items camed by its dot.com clients. When a client receives 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 customer. The company uses a predetermined variable overhead rate based on direct labor-hours. In the most recent month. 140,000 items were shipped to customers using 5,300 direct labor hours. The company incurred a total of $15.900 in variable overhead costs. According to the company's standards.0.03 direct labor-hours are required to fulfill an order for one Ttem and the variable overhead rate is $3.05 per direct labor hour Required: 1 What is the standard labor-hours allowed (SH) to ship 140,000 items to customers? 2. What is the standard variable overhead cost allowed (SHSR) to ship 140.000 items to customers? 3. What is the variable overhead spending variance? 4. What is the variable overhead rate variance and the variable overhead efficiency vartance? (For requirements 3 and 4, indicate the effect of each variance by selecting "F" for favorable. "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Do not round intermediate calculations.) 1 Standard quantity of abor-hours allowed 2 Standard vanable overhead cost allowed 3 Variable overhead spending variance - Variable overhead tate variance 4. Variable overhead efficiency vanance