The following information is available for Lightning Corporation, which produces fancy-dancy screwdrivers.

The following information pertains to labor.

...Actual volume of screwdrivers produced = 105,000

...Actual labor time = 9,450 hours

...Actual pay per hour = $17 per hour

...Budgeted volume of screwdrivers produced = 112,000

...Budgeted labor time = 12,320

...Budgeted total spending = $197,120

Question

Use the information above to compute the laborspendingvariance.

Please enter the absolute value of your answer (i.e., do not enter a positive sign or negative sign). Also, round to the nearest dollar. Do not include a $ sign.

Please provide step by step calculations

Use the information from the Lightning problem (above) to calculate the laborefficiencyvariance.

Please enter the absolute value of your answer (i.e., do not enter a positive sign or negative sign). Also, round to the nearest dollar, and do not include a $ sign.

Use the information from the Lightning problem (above) to calculate the laboractivityvariance.

Please enter the absolute value of your answer (i.e., do not enter a positive sign or negative sign). Also, round to the nearest dollar, and do not include a $ sign.

Related to your calculations for the Lightning problem,which of the following statements are true? (Check all that apply.)

1.The labor spending variance is favorable.

2.The labor efficiency variance is favorable.

3.The labor activity variance is favorable.

Please provide your supporting work for your answer to the Lightning Corporationquestions