lance Analysis LIVE Saved Erie Company manufactures a small MP3 player called the Jogging Mate. The company uses standards to control its costs. The labour standards that have been set for one Jogging Mate MP3 player are as follows: Standard hours 18 minutes Standard rate per hour 14.00 Standard cost 4.20 During August, 14,400 hours of direct labour time were recorded in the manufacture of 50,000 units of the Jogging Mate. The direct labour cost totalled 218,880 for the month. Required: 1. What direct labour cost should have been incurred in the manufacture of the 50,000 units of the Jogging Mate? Total standard direct labour cost Jogging Mate. The direct labour cost totalled 218,880 for the month. Required: 1. What direct labour cost should have been incurred in the manufacture of the 50,000 units of the Jogging Mate? Total standard direct labour cost By how much does this differ from the cost that was incurred? Total variance 2. Break down the difference between direct labour cost that should have been incurred in the manufacture of the 50,000 units of the Jogging Mate and the cost that was incurred into a labour rate variance and a labour efficiency variance. (Do not round your intermediate calculations.) Actual Hours of Input, at the Actual Rate (AH x AR) Rate Variance Actual Hours of Input, at the Standard Rate (AH x SR) Standard Hours Allowed for Output, at the Standard Rate (SH x SR) Total Variance Efficiency Variance dard Costing & Variance Analysis LIVE Saved 3. The budgeted variable manufacturing overhead rate is 4 per direct labour hour. During August, the company incurred 56,160 in variable manufacturing overhead cost. Compute the variable overhead spending and efficiency variances for the month. (Do not round your intermediate calculations.) Actual Hours of Input, at the Actual Rate (AH x AR) Actual Hours of Input, at the Standard Rate (AH x SR) Standard Hours Allowed for Output, at the Standard Rate (SH x SR) Rate Variance Total Variance Efficiency Variance