Exercise 9-5 Direct Labor Variances (L09-5) SkyChefs, Inc. prepares in-flight meals for a number of major airlines. One of the company's products is grilled salmon in dill sauce with baby new potatoes and spring vegetables. During the most recent week, the company prepared 3.500 of these meals using 950 direct labor-hours. The company paid its direct labor workers a total of $10,450 for this work, or $11.00 per hour. According to the standard cost card for this meal, it should require 0.30 direct labor-hours at a cost of $9.50 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 effect (.e., zero variance). Input all amounts as positive values. Do not round intermediate calculations.) 1 2 3. Standard labor hours allowed Standard labor cost allowed Labor spending variance Laborrate variance Labor lenoy variance 4 Exercise 9-17 Direct Materials and Direct Labor Variances (LO9-4, LO9-5) Dawson Toys, Ltd., produces a toy called the Maze. The company has recently created a standard cost system to help control costs and has established the following standards for the Maze toy: Direct materials: 8 microns per toy at $0.31 per micron Direct labor: 1.4 hours per toy at $6.80 per hour During July, the company produced 4.800 Maze toys. The toy's production data for the month are as follows: Direct materials 75,000 microns were purchased at a cost of $0.30 per micron. 27000 of these microns were still in inventory at the end of the month. Direct labor. 7220 direct labor hours were worked at a cost of $53,428. Required: 1. Compute the following variances for July (Indicate the effect of each variance by selecting "F" for favorable. "U" for unfavorable. and "None" for no effect (le, zero variance). Input all amounts as positive values. Do not round intermediate calculations. Round. final answers to the nearest whole dollar amount.) a. The materials price and quantity variances b. The labor rate and efficiency variances 18. Material price variance Material quantity variance 1b Laborate variance Laboreiency variance