Exercise 10-2 Direct Labor Variances (LO10-2) 051 SkyChefs, Inc. prepares in-flight meals for a number of major airlines. One of the company's products is grilled salmon in die sauce with baby new potatoes and spring vegetables. During the most recent week, the company prepared 3.500 of these meals using 1710 direct labor hours. The company paid its direct labor workers a total of $23.940 for this work, or $14.00 per hour points eBook According to the standard cost card for this meal, it should require 0.50 direct labor hours at a cost of $13.50 per hour Required: 1. What is the standard labor hours allowed (SH) to prepare 3.500 meals? 2. What is the standard labor cost allowed (SHSR) to prepare 3,500 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 "None" for no effectie, zero variance). Input all amounts as positive values. Do no round Intermediate calculations.) 1. Standard labor hours allowed 3 Labor sending vanance Laborcyrance