Erie 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 Standard Standard Rate per Hour $5.50 27 minutes During August 9,440 hours of direct labor time were needed to make 19.200 units of the Jogging Mate. The direct labor cost totaled $50.976 for the month. Required: 1. According to the standards, what direct labor cost should have been incurred to make 19,200 units of the Jooging Mate By how much does this Round Standard labor time per unit and Standard direct laborato 2 decimal places.) or from the cost that was incurred? Number of units manufactured Standard worme perut Total card hours of labor me Standard direct labor rate per hour Total standard direct labor cost Artua direct labor cost Standard director cost Total warance Total Standard hours of labor ime Standard direct labor rate per hour Total standard direct labor cost Actual direct labor cost Standard direct labor cost Total variance 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 effectie, zero variance. Do not round Intermediate calculations.) Laborate variance Labor efficiency variance Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below. Standard Standard Quantity of Hours 600 pounds 0.50 hours Standard Price or Rate 5 2.30 per pound $10.00 per hour Direct materials Direct labor $13.80 $ 5.00 During the most recent month, the following activity was recorded: a 11 000 pounds of material were purchased at a cost of $2.10 per pound b. All of the material purchased was used to produce 1.500 units of Zoom C. 500 hours of direct labor time were recorded at a total labor cost of $6,500. Required: 1. Compute the materials price and quantity variances for the month (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (.e., zero variance).) Direct materials price variance Direct materials quantity variance 2. Compute the labor rate and efficiency variances for the month indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (le, zero variance)) Direct labor rate variance Direct labor efficiency variance