Murry, inc. probuced 1,000 units of the company's product in 2024 . The standard cuantty of direct materals was three yarcs of cloth per unt at a standard cost of 11.35 pec yard. The accourting records showed that 2,500 yards of eloth were used and the corpany paid $1.40 per yard. Standard time was two drect labor hours per unit at a standard rate of $12.00 per direct labor hour. Employeos worked 1,700 hours and were paid $10.50 per hout. Read the Requirement 1. What are the benefis of seting cost standads? Standare costing helps manspers do the following 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. Murry, inc. probuced 1,000 units of the company's product in 2024 . The standard cuantty of direct materals was three yarcs of cloth per unt at a standard cost of 11.35 pec yard. The accourting records showed that 2,500 yards of eloth were used and the corpany paid $1.40 per yard. Standard time was two drect labor hours per unit at a standard rate of $12.00 per direct labor hour. Employeos worked 1,700 hours and were paid $10.50 per hout. Read the Requirement 1. What are the benefis of seting cost standads? Standare costing helps manspers do the following 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