Which of the following statements is true with respect to the labor spending variance? Multiple Choice It is separate and independent from the labor rate and efficiency variances. It encompasses the labor rate variance, but excludes the labor efficiency variance. It encompasses the labor rate and efficiency variances. It encompasses the labor efficiency variance, but excludes the labor rate variance. Assume the following information (the quantity of materials purchased = the quantity used): Actual total cost of direct materials $65,560 Direct materials price variance $ 5,960 U Standard quantity of materials allowed per unit 3 lbs. Standard price per pound of material $ 4.00 Standard rate per direct labor hour $ 5.00 Actual total direct labor hours 6,500 Direct labor efficiency variance $ 3,500 F Standard number of direct labor hours allowed 2 hours per unit Direct labor spending variance 400 U What is the standard price (SP) per pound of materials