Exercise 10-2 (Algo) Direct Labor Variances (L010-2] SkyChefs, Inc., prepares in-flight meals for a number of major airlines. One of the company's products is grilled salmon y dit sauce with baby new potatoes and spring vegetables. During the most recent week, the company prepared 7000 of these meals using 2.700 direct labor-hours. The company paid its direct labor workers a total of $27000 for this work or 510.00 per tout According to the standard cost card for this meal, it should require 0.40 direct labor hours at a cost of $9.30 per hout Required: 1. What is the standard labor hours allowed (SH) to prepare 7000 meals? 2. What is the standard labor cost allowed (SHASR) to prepare 2000 meals? 3. What is the labor spending variance? 4. What is the labor rate variance and the labor efficiency variance? (For requirements 3 and 4, indicate the effect of each variance by selecting "F* for favorable, "U" for unfavorable, and "Nono" for no effect (.e., zero variance). Input all amounts as positive values. Do no round intermediate calculations.) 1 12 3 Standard labor hours allowed Standard labor cost allowed Labor spending variance Laborrate variance Labor efficiency variance 4