Exercise 10-2 Direct Labor Variances (L010-2) SkyChefs, Inc. prepares in tight meals for a number of major airlines. One of the company's products is grilled salmon in dill sauce with baby new potatoes and spring vegetables. During the most recent week, the company prepared 6.700 of these meals using 1,300 direct tobor hours. The company paid its direct labor workers a total of $16,900 for this work, or $13.00 per hour According to the standard cost card for this meal, it should require 0.20 direct labor hours at a cost of $12.50 per hour Required: 1. What is the standard labor hours allowed (SH) to prepare 6,700 meals? 2. What is the standard labor cost allowed (SHSR) to prepare 6.700 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 varionce by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.o., zero verlance), Input all amounts os positive values. Do no round Intermediate calculations.) 1 2 3 Standard labor hours allowed Standard labor cost lowed Labor spending vanance Lisborrate variance Labor ciency variance 4