07 5 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: 5 pot Standard Hate Standard Standard Hours Hour Cost 10 minutes $ 17.00 5 5.10 During August, 5,750 hours of direct labor time were needed to make 20,000 units of the Jogging Mate. The direct labor cost totaled S102 350 for the month 005928 Required: 1 What is the standard labor hours allowed (SH) to makes 20,000 Jogging Mates? 2. What is the standard labor cost allowed (SHSR to make 20,000 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 per direct labor hour. During August, the company incurred $21.850 in variable manufacturing overhead cost. Compute the variable overhead rate and efficiency variances for the month {For requirements 3 through 5. Indicate the effect of each variance by selecting "F" for favorable. "U" for unfavorable, and "None" for no effectie.. zero variance). Input all amounts as positive values. Do not round Intermediate calculations.) 1 Standard laber-hour lowed 2 Standard labor cost allowed Labor spending variance 4 Laborate variance 4 Laboriency variance Mc GT 5 18 minutes $17.00 $ 5.10 During August, 5.750 hours of direct labor time were needed to make 20,000 units of the Jogging Mate. The direct labor cost totaled $102.350 for the month 5 pont 2 Required: 1 What is the standard labor-hours allowed (SH) to makes 20,000 Jogging Mates? 2. What is the standard labor cost allowed (SHSR) to make 20,000 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 per direct labor hour During August, the company incurred $21850 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 "F* for fovorable, "U" for unfavorable, and "None for no effect i.e., zero variance). Input all amounts os positive values. Do not round Intermediate calculations.) ces 1 Standard labor hours allowed 2. Standard labor coot allowed 3. Labor spending variance 4 Laborrate variance Labor efficiency variance 5. Variable overhead tate variance 6. Variable overhead officiency variance