Ene Company manufactures a small mp3 player called the Jogging Mate. The company uses standards to control its costs. The labor standards that have been set for one Jogging Mate mp3 player are as follows Standard Rate Standard standard Hours 27 minutes 55.60 $2.52 During August 9,515 hours of direct labor time were needed to make 19 700 units of the Jogging Mate. The direct labor cost totaled $51.921 for the month Required: 1. According to the standards, what direct labor cost should have been incurred to make 19,700 units of the Jogging Mate? Dy how much does this differ from the cost that was incurred? (Round Standard labor time per unit and Standard direct labor rate to 2 decimal places.) Answer is complete and correct. Number of manufactured 19,700 Wandard sorte per un Total and of time $ 5.50 Total standard direct labor cost Standard direct labor cos $ 2.277 Unfavorabia 2 Break down the difference in cost from (1) above into a labor rate variance and a labor efficiency variance Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None for no effect (Le.zero variance). Do not round Intermediate calculations.) Answer is not complete. Laborrate variance Labor efficiency variance 3. The budgeted variable manufacturing overhead rate is $4.7 per direct labor-hour During August, the company incurred $48,075 in variable manufacturing overhead cost. Compute the variable overhead rate and officiency variances for the month indicate the effect of each variance by selecting for favorable, " for unfavorable, and "None" for no effect ... zero variance). Do not round Intermediate calculations and round your final answers to nearest whole dollar) Variable overhead rate variance Variable overhead officiency variance