Handout 9-3 (LOs 4 and 5) Happy Donut's standard cost card for direct labor and variable manufacturing overhead follows. Direct Costs Direct Labor Manufacturing Overhead Standard Quantity 0.1 hours 0.1 hours Standard Price $10 per hour $5 per hour Actual results were as follows. The number of units sold and produced was 10,000 units .The direct labor cost was $12,000 for 960 hours ($12.5 per hour). . The variable overhead cost was $4,992 for 960 hours ($5.20 per hour) Calculate the following variances and label them as favorable (F) or unfavorable (U): 1. Direct labor rate variance. 2. Direct labor efficiency variance. 3. Direct labor spending variance. 4. Variable overhead rate variance. 5. Variable overhead efficiency variance. 6. Variable overhead spending variance 7. Briefly explain the relationship between direct labor efficiency variance and variable overhead efficiency variance