Exercise 10.4 (Algo) Direct Labor and Variable Manufacturing Overhead Variances [LO10-2, LO10-3] Erie Company manufactures a mobile fitness device called the Jogging Mate. The company uses standards to control its costs. The labor standards that have been set for one Jogging Mate are as follows: During August, 10,730 hours of direct labor time were needed to make 19,900 units of the Jogging Mate The direct laborcost totaled $63.307 for the month. Required: 1. Whot is the standard labor-hours allowed (SH) to makes 19,900 Jogging Mares? 2. What is the standard labor cost allowed (SH - SR) to make 19.900 Jogging Mates? 3. What is the labor spending variance? 4. What is the labor rate variance and the fabor efficiency variance? 5. The budgeted variable manufactuing overhead rate is $4.50 per direct fabor-houi. During August, the company incurred $53.650 in variable manufacturing overhead cost Compute the variable overhead rate and efficiency variances for the month. (For requirements 3 through 5 , indicate the effect of each variance by selecting "F" for fovorable, "U" for unfavorable, and "None" for no effect (i.e.,zero voriance). Input all amounts as positive values. Do not round intermediote calculations.)