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Exercise 9-5 (Algo) Direct Labor Variances [LO9-5] SkyChefs, Incorporated, prepares in-fight meals for a number of major airines. 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 3,500 of these meals using 1,710 direct labor-hours. The company paid its direct labor workers a total of $23,940 for this work, or $14,00 per hour. According to the standard cost card for this meal, it should require 0.50 direct labor-hours at a cost of 513.50 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 (SH SR ) to prepare 3,500 meais? 3. What is the labor spending vartance? 4. What is the labor rate variance and the labor efficiency vanance? (For requitremente 3 and 4 , Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, ond "None" for no effect (l.e., zero variance). Input all omounts as positive values. Do not round intermedlate calculations.)