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: Standard Standard Rate Standard Hours 24 minutes Cost $2.56 per Hour $6.40 During August, 8,480 hours of direct labor time were needed to make 19,600 units of the Jogging Mate. The direct labor cost totaled $53,424 for the month. Required 1. What is the standard labor-hours allowed (SH) to makes 19,600 Jogging Mates? 2. What is the standard labor cost allowed (SH x SR) to make 19,600 Jogging Mates? 3. What is the labor spending variance? . What is the labor rate variance and the labor efficiency variance? 5. The budgeted variable manufacturing overhead rate is $4.30 per direct labor-hour. During August, the company incurred $40,704 in variable manufacturing overhead cost. Compute the variable overhead rate and efficiency variances for the month