Best, inc. producod 1,000 units of the company's product in 2024. The standaed quantity of drect matorials was three yards of cloth per unt at a standard cost of \$1, 10 per yard. The accounting reoords showed that 2,900 yards of cloth were usod and the company paid $1,15 per yard. Standard fime was two direct labor hours per unit at a standard rale or $16.50 per drect labor hour. Employees worked 1,300 hours and were paid $16.00 per hour. Requirement 1, What are the benefits of seting cost standards? Standard costing helps managers do the following: Requirement 2. Colculate the direct maserais coet vaciance and the direct materials effiency variance as weil as the direcr labor cost and efficiency variances. Begin with the cont varances Solect the required formuat, compule the cost variances for drect materals and drect labor, and identify whether each variance is farorable (F) or untavocabie (U)