o Best, Inc. produced 1.000 units of the company's product in 2018. The standard quantity of direct materials was the yards of cloth per una standard cost of 125 per yard. The accounting records showed that 2.400 yards of cloth were used and the company paid $1.30 per yard Standard time was two direct labor hours per una ata standard rate of $11.00 per direct labor hour Employees worked 1.300 hours and were paid $10.50 per hour Read the requirements Requirement 1. What are the benefits of setting cost standards? Standard costing he managers do the following Requirement 2. Calculate the direct materiale con ce and the direct materiais eficiency varices well as the direct to cost and efficiency varion tegin with the con variance. Select the required formulas, compute the con variances for direct materials and direct bendry when each verance is tovoratie motora (Ultrato AC COM A Formula Variance Direct materials convince Director con variance Select the requires tomus, compute the efficiency variances for direct materials and direct laber, and identity whether each variance is twable ) or unavorable breviations Accounty: FOH food overhead Candadost Standard quantity) Ford Variance Choose from any list or enter any number in the input fields and then continue to the next question Best, Inc. produced 1000 units of the company's product in 2018. The standard quantity of direct materials was three yards of com per unit at a standard cost of 51 25 per yard. The accounting recorda showed that 2.400 yards of cloth were used and the company paid $1.30 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 aiments Requirement 1. What are the benefits of setting cost standards? Standard Coving helps managers do the following Requirement 2. Calculate the directes cost variance and the direct mais eficiency as well as the direct labor cost and ceny variances Begin with the con variance Select the required to compute the con varices for direct materials and director and try whether each vorne svrable ore (reversed Car achty FOHfied overhead standard cost standard Formula Varance Det meste Decosta Gelece required forms, compute the efficiency ancestor direct and director, der har ethverancais forte e Artes Act Ford Sand cool and Formula Choose from a list or enter any number in the input fields and then continue to the next Gestion Requirement 2. Calculate the direct materials cost variance and the direct materials efficiency variance as well as the direct labor cost and efficiency variances. 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 atreviations used. AC COM A actual quantity, FOHfed overhead, SC standard cost 80 standard quantity) Formula Variance Direct materials cost variance Direct labor cost variance Select the required formulas, compute the efficiency variances for direct materials and direct lobor, and identify whether each variance is weer untevorable ( tbreviation ved AG accout A actu qurtyPOHfed overhead Candard cont Standard quality) Formula Direct material efficiency variance Direct labor eficiency variance Choose from a lot or enter any number in the input fields and then continue to the next Question MacBook Pro The standard quantity of direct materials was three yards of cloth per unit at a standard cost of $1.25 per yard. The ct labor hours per unit at a standard rate of $11.00 per direct labor hour. Employees worked 1,900 hours and were p i Requirements the direct bute the col = standard 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. le (F) or unfav Print Done or direct materials and direct labor, and identify whether each variance is favorable (F) or unfavorable (U). (Abbreviations ula Variance and then continue to the next neetion