Canvas Question 7 3 pts Selected data for Jones Company reveals the following: Direct labor efficiency variance: $50,000 favorable Actual direct labor hours used: 8,000 Standard quantity (SQ) of direct labor hours allowed: 9,000 Actual direct labor cost: $400,000 The standard price (SP) of direct labor per hour is? $10 $50 $44.44 $1.25 Cannot be determined with the information provided. Question 8 3 pts The following information pertains to the month of August. As part of the budgeting process, Alloway's Fencing Company developed the following static budget for August. Alloway is in the process of preparing the flexible budget and understanding the results