Exercise 9-5 (Algo) Direct Labor Variances [LO9-5] SkyChefs, Incorporated, prepares in-fight meals for a number of major aittines. One of the company's products is grilled saimon in dill sauce with baby new potatoes and spring vegetables. During the most recent week, the company prepared 7,200 of these meals using 2,800 direct labor-hours, The company paid its direct labor workers a total of $22,400 for this work, or $8,00 per hour, According to the standard cost card for this meal, it should require 0.40 direct laborthours at a cost of $7.50 per hour. Required: 1. What is the standard labor-hours allowed (SH) to prepare 7,200 meals? 2. What is the standard tabor, cost allowed (SH SR) to prepare 7,200 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 effect (i.e., zero variance). Input all amounts as positive values. Do not round intermediate calculations.)