Exercise 9.5 (Algo) Direct Labor Variances [LO9-5] SkyChefs, Incorporated, prepares in-flight meals for a number of mejor airlines. One of the compony's products is grilled saimon in diIt sauce with baby new potatoes and spring vegetables. During the most recent week, the company prepared 5,600 of these meals using 2,700 direct labor-hours, The company poid its direct labor workers a total of $21,600 for thils work, or $8.00 per hour. According to the standard cost card for this meal, it should require 0.50 direct labor-hours at a cost of 57.50 per hour: Required: 1. What is the standard laborhours allowed (SH) to prepare 5,600 meals? 2. What is the standard labor cost allowed (SH SP) to prepare 5,600 meals? 3. What is the labor spending variance? 4. What is the labor rate variance and the labor efficiency varlance? (For requirements 3 and 4 , indicate the effect of each variance by selecting "F" for fovorable, "U" for unfavorable, and "None" for no effect (l.e., zero variance). Input all amounts as positive values. Do not round Intermediate calculations.)