1) ABC Company makes cell phones and they use a standard cost system. The direct labor, direct materials, and factory overhead standards are as follows: Direct labor: Standard rate $18 per hour Stand time per unit 5 hours Standard price Standard quantity $4 per ounce 4 ounces per unit Direct materials: Variable overhead: Standard rate $2 per direct labor hour Fixed overhead: Standard rate $3 per direct labor hour Instructions: a) Calculate the standard cost per cell phone. b) What are the adyantages and disadvantages of using a standard cost system? (10 points)