Complete and answer Requirements 1-4.

1. Calculate the standard cost of one batch. 2. Calculate the following variances: a. The direct material variances. b. The direct labor variances. c. The variable manufacturing overhead variances. d. The fixed manufacturing overhead variances. 3. Have the company's managers done a good job or a poor job controlling materials, labor, and overhead costs? Why or why not? 4. Describe how the company's managers can benefit from the standard costing system. Do you think the company should continue with the standard cost system? Purchased 1,750 pounds at a cost of $4.50 per pound Used 1,300 pounds in producing 50 batches Actual direct labor cost of $3,496 at an average direct labor cost per hour of $15.20 Actual variable MOH $966 Actual fixed MOH $1,900 Standards: Direct material 20 pounds per batch at $5.00 per pound Direct labor 4.0 hours per batch at $15.00 per hour Variable MOH standard rate $4.00 per direct labor hour Predetermined fixed MOH standard rate $6.00 per direct labor hour Total budgeted fixed MOH cost $1,600 Requirement 1. Calculate the standard cost of one batch. Standard cost Standard cost per batch Direct materials Direct labor Variable MOH Fixed MOH Total standard cost