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: Hours 27 minutes Standard Rate per Hour $6.40 nda Cost $2.88 During August, 9,270 hours of direct labor time were needed to make 19,400 units of the Jogging Mate. The direct labor cost totaled $58,401 for the month. Required 1. According to the standards, what direct labor cost should have been incurred to make 19,400 units of the Jogging Mate? By how much does this differ from the cost that was incurred? (Round Standarod labor time per unit to 2 decimal places.) Number of units manufactured Standard labor time per unit Total standard hours of labor time allowed Standard direct labor rate per hour Total standard direct labor cost Actual direct labor cost Standard direct labor cost 2. Break down the difference in cost from (1) above into a labor rate variance and a labor efficiency variance. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None for no effect (i.., zero variance).) Labor rate variance Labor efficiency variance O Type here to search 2. Break down the difference in cost from (1) above into a labor rate variance and a labor efficiency variance. (Do not round intermediate calculations. Indicate the effect of each variance by selecting"F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). ) Labor rate variance Labor efficiency variance 3. The budgeted variable manufacturing overhead rate is $4.3 per direct labor-hour. During August, the company incurred $48,204 in variable manufacturing overhead cost. Compute the variable overhead rate and efficiency variances for the month. (Do not round intermediate calculations and round your final answers to nearest whol dollar. Indicate the effect of each variance by selecting "F for favorable, "U" for unfavorable, and "None for no effect (i.e., zero variance).) Variable overhead rate variance Variable overhead efficiency variance