Exercise 10-3 (Algo) Variable Overhead Variances [LO10-3) Logistics Solutions provides ordet fulfilment services for det.com merchants. The company mama warehouses that stock items carried by its dotcom dients When a client receive an order from a customer, the order is forwarded to Logistics Solutions, which pulls the dem from storage, packs it and ship to the customer. The company uses a predetermined variatie overhead rate based on direct labor hours by the most recent month, 120.000 toms were shipped to customers wing 400 direct lobornoun. The company incurred a total of $11.480 in variable overhead costs According to the company's standards. 003 direct labor. hours are requered to fulfill an orties for one temend the variable overhead rate is $2.85 per direct laborhout Required: 1 What is the standard labor hours allowed (SH) to ship 120.000 items to customers? 2. What is the standard variable overhead cost allowed (SH-Slotoshop 120.000 items to customers! 3. What is the valuable overhead spending vanance? 4 What is the variable overhead rate variance and the variable overhead efficiency variance? (For requirements 3 and 4, indicate the effect of each variance by selecting for favorable. "U" for unfavorable, and "None" for no effectie., Tero variance Input all amounts as positive values. Do not round intermediate calculations.) 1 Sundard quality of the hours wed 2 Standard wable overhead ceste 1 Varlatihad spending on Valevado Vedic wariance