I have a few questions from the last chapter that still don't understand can i get help. **Image Transcription for Educational Website:****SkyChefs, Inc. Case Study on Labor Variance Analysis**SkyChefs, Inc., prepares in-flight meals for a number of major airlines. One of the company’s products is grilled salmon with new potatoes and mixed 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 $13.50 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 meals?3. What is the labor spending variance?4. What is the labor rate variance and the labor efficiency variance?*(For requirements 3 and 4, indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Do not round intermediate calculations.)***Table for Calculation and Variance Indicators:**| | Description | Amount | Indicate Effect ||---|----------------------------|--------|-------------------|| 1 | Standard labor-hours allowed | | || 2 | Standard labor cost allowed | | || 3 | Labor spending variance | | || 4 | Labor rate variance | | || 5 | Labor efficiency variance | | |This exercise helps illustrate the concepts of standard costs and variances, which are crucial in cost accounting and management decision-making. By analyzing labor spending, rate, and efficiency variances, companies like SkyChefs can better understand costs and operational efficiency.

Standard means the time allowed to complete the job and then it is compared with actual time to find…

SkyChefs, InC., prepares In-flight meals for a number of major alrlines. One of the company's products is grilled salmon with new potatoes and mixed vegetables. During the most recent week, the company prepared 3,500 of these meals using 1,710 direct labor- hours. The company pald 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 reguire 0.50 direct labor-hours at a cost of $13.50 per hour. Requlred: 1. What Is the standard labor-hours allowed (SH) to prepare 3,500 meals? 2 What Is the standard labor cost allowed (SH x SR) to prepare 3,500 meals? 3. What Is the labor spending varlance? 4. What is the labor rate varlance and the labor efficlency vartance? (For requirements 3 and 4, Indicate the effect of each verlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (I.e., zero varlance). Input all amounts as positive values. Do not round Intermedlate calculatlons.) 1. Standard labor-hours allowed 2. Standard labor cost allowed 3. Labor spending variance 4. Labor rate variance Labor efficiency variance