Question 7 Selected data for Jones Company reveals the following: Direct labor efficiency variance: $50,000 favorable Actual direct labor hours used: 8,000 Standard quantity (50) of direct labor hours allowed: 9,000 Actual direct labor cost: $400,000 The standard price (SP) of direct labor per hour is? $10 $50 $44.44 $1.25 Cannot be determined with the information provided