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Can you please write clear paragraphs on every concept that is covered in this problem? Please throughly discuss every single concept in the problem. Please only answer if you have a good command of the English Language. Discuss why the concept is important, how it is relevant in Managerial Accounting, and explain what the concept means.

After you discuss the concepts, please show how to solve the problem. PLEASE SHOW ALL STEPS. SHOW ALL WORK AND EXPLAIN YOUR ANSWER. PLEASE DO EVERY STEP. WRITE WITH BLACK PEN AND PAPER ONLY - NO TYPING. PLEASE WRITE VERY NEATLY - NO CURSIVE AT ALL

EXERCISE 10-12 Working Backward from Labour Variances [LO3Q] Worldwide Credit Card Inc. uses standards to control the labour time involved in opening mail from cardholders and recording the enclosed remittances. Incoming mail is gathered into batches, and a standard time is set for opening and recording each batch. The labour standards relating to one batch are as follows: Standard Hours Standard Rate Standard Cost Per batch 2.5 $12.00 $30.00 The record showing the time spent last week in opening batches of mail has been misplaced. However, the batch supervisor recalls that 168 batches were received and opened during the week, and the controller recalls the following variance data relating to these batches: Total labour variance $660 U Labour rate variance S300 F Required: 1. Determine the number of actual labour-hours spent opening batches during the week. 2. Determine the actual hourly rate paid to employees for opening batches last week