Erie Company manufactures 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 Cost Hours per Hour $2.90 $5.80 30 minutes During August, 10,530 hours of direct labor time were needed to make 19,500 units of the Jogging Mate. The direct labor cost totaled $58,968 for the month. Required: 1. According to the standards, what direct labor cost should have been incurred to make 19,500 units of the Jogging Mate? By how much does this differ from the cost that was incurred? (Round Standard labor time per unit to 2 decimal places.) 19,500 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 Total variance unfavorable