Hards? Requirements 1. What are the benefits of setting cost standards? 2. Calculate the direct materials cost variance and the direct materials efficiency variance as well as the direct labor cost and efficiency variances. Print Done Answer. E23-18 (similar to) Grand, Inc. produced 1,000 units of the company's product in 2018. The Mandard quarity of direct material was three yards of cloth per unit at a standard cost of $1.05 per yard. The accounting records showed that 2,700 yards of used and the company peld $1.10 per yard Standard time was two direct labor hours per unit at a standard rate of $10.50 per direct labor hour. Employees worked 1.800 hours and were paid $10.00 per hour Read the Requirement 1. Where the benefits of Being cost standards? Standard costing this managers do the following Choose from any drop-down list and then click Check Answer 2 parts in Clear All Check Answd Score: 0 of 1 pt | 3 of 5 (0 complete) HW Score: 0%, 0 of 5 pts E23-18 (similar to) Question Help 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 $1.05 per yard. The accounting records showed that 2,700 yards of cloth were used and the company paid $1.10 per yard. Standard time was two direct labor hours per unit at a standard rate of $10.50 per direct labor hour. Employees worked 1,900 hours and were paid $10.00 per hour. Read the requirements Requirement 1. What are the benefits of setting cost standards? Standard costing helps managers do the following: Choose from any drop-down list and then click Check Answer. 2 parts remaining Clear All Check