Affordable Electronics Inc. manufactures medium-quality, reasonably priced DVD players. The company uses standards to control its costs. The labour standards that have been set for one player are as follows: Standard Hours 18 minutes (0.30 hours) Standard Rate per Hour $13.00 Standard Cost $3.90 During July, 7,450 hours of direct labour time were recorded to make 24,000 units. The direct labour cost totalled $98,340 for the month. Required: 1-a. What direct labour cost should have been incurred to make the 24.000 DVD players? (Do not round intermediate calculations.) Direct labour cost 1-b. By how much does direct labour cost differ from the cost that was incurred? (Indicate the effect of variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (l.e., zero variance).) Total vanance 2. Break down the difference in cost from requirement 1-b above into a labour rate variance and a labour efficiency variance. (Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance).) Labour rate variance Labour efficiency variance 3. The budgeted variable manufacturing overhead rate is $2.00 per direct labour-hour. During July, the company incurred $15,645 in variable manufacturing overhead cost. Compute the variable overhead spending and efficiency variances for the month. (Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (.e., zero variance).) Variable overhead spending variance Variable overhead officiency variance