Value 15.00 points Erie Company manufactures a small mp3 player called the Jogging Mate. The company uses standards to control its costs. The labor standards that have been set for one Jogging Mate mp3 player are as follows: Standard Rate Standard Standard Hours per Hour Cost 30 minutes $5.60 $2.80 During August, 10,360 hours of direct labor time were needed to make 19,400 units of the Jogging Mate. The direct labor cost totaled $56,980 for the month. Required: 1. According to the standards, what direct labor cost should have been incurred to make 19,400 units of the Jogging Mate? By how much does this differ from the cost that was incurred? (Round Standard labor time per unit to 2 decimal places.) Answer is complete and correct 19,400 Number of units manufactured Standard labor time per unit V 0.50 Total standard hours of labor time 9,700 allowed 5.60. Standard direct labor rate per hour 54,320 Total standard direct labor cost Actual direct labor cost 56,980 54,320 Standard direct labor cost 2,660 Total variance-unfavorable 2. Break down the difference in cost from (1) above into a labor rate variance and a labor efficiency variance. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Do not round intermediate calculations.) Labor rate variance Labor efficiency variance