Grand, Inc. produced 1,000 units of the company's product in 2018. The standard quantity of direct materials was three yards of cloth per unit at a standard cost of $1.30 per yard. The accounting records showed that 2,800 yards of doth were used and the company paid $1.35 per yard. Standard time was two direct labor hours per unit at a standard rate of $11.00 per direct labor hour. Employees worked 1,900 hours and were paid $10.50 per hour Read the requirements Begin with the cost variances. Select the required formulas, compute the cost variances for direct materials and direct labor, and identify whether each variance is favorable (F) or unfavorable (U). (Abbreviations used: AC actual cost, AQ actual quantity, FOH fixed overhead, SC standard cost, SQ standard quantity) Formula Variance (AC-SC) x AQ 140 U Direct materials cost variance 950 F (AC SC) x AQ Direct labor cost variance Select the required formulas, compute the efficiency variances for direct materials and direct labor, and identify whether each variance is favorable (F) or unfavorable (U). (Abbreviations used AC actual cost; AQ actual quantity FOH fixed overhead; SC standard cost, SQ standard quantity) Formula Variance 130 F (AQ-SQ)x SC Direct materials officiency variance 1100 F (AQ-SQ)x SC Direct labor efficiency variance Choose from any list or enter any number in the input fields and then continue to the next question 11:00pm