Harmon Household Products, Inc., manufactures a number of consumer items for general household use. One of these products, a chopping board, requires an expensive hardwood. During a recent month, the company manufactured 3,100 chopping boards using 1,860 board feet of hardwood. The hardwood cost the company $12,276. The companys standards for one chopping board are 0.54 board feet of hardwood, at a cost of $7.00 per board foot. Required: 1. According to the standards, what cost for wood should have been incurred to make 3,100 chopping blocks? How much greater or less is this than the cost that was incurred?