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Setting Standards, Ethical Behsvior Quincy Farms is a producer of iteme made from farm products that are distributed to supermarketi. For many yoars, Quincy's products have had strong regional sales on the basis of brand recognition. However, other companies have been marketing similar products in the area; and price competition has become increasingly important. Doug Gilbert, the company's controlky, is planning to implement a standard costing system for Quincy and has gathered considerable information from his cowotkers on production and direct materials requirements for Quincy's producte. Doug belioves that the use of standard costing will allow Quincy to imprave cost control and make better operatino decisions. Quincy's most popular product is strawberry larn. The jam is produced in 10 -vallon batches, and each batch requires seven quarts of good strawberrien. The fresh strawberries are sorted by hand before entering the production process. Because of imperfections in the strawbenies and spoilage, one equart of strawberries is discarded for every four quarts of acceptable berries. Five minutes is the standard direct labor time required for sorting strawberries in order to obtain one quart of strawberries. The acceptable strawberrios are then processed with the other ingredientss procesting requires 9 minutes of direct labor time per batch. After processing, the jam is packased in quart containers. Doug has oathered the following information from Joe Adams, Quincy's cost accountant, relative to processing the strawberry jam. a. Quincy purchases strawberries at a cost of $0.70 per quart. All other ingredients cost a total of $0.42 per 9 alion. b. Direct labor is paid at the rate of $8.00 per hour. c. The total cost of direct material and direct labor required to package the jam is 50.40 per quart. Joe has a friend who owns a sitrawberry farm that has been losing money in recent years. Because of good croos, there has been an oversupply of strawberries, and prices have dropped to $0.50 per quart. Joe has arranged for Quincy to purchase strawberries from his friend's farmin hopes that the $0.70 per quart will put his friend's farm in the black. Required; 1. Which of Doug's coworkers would probably be the least helpful to Doug in setting standards? 1. Which of Doug's coworkers would probably be the least helpful to Doug in setting standards? Which of the listed factors would be the least relevant to. Doug in establishing the standards for direct materials and direct labor? 2. Develop the standard cost sheet for the prime costs of a 10 -aallon batch of strawbetfy lam. Do not round intermediate calculations. If required, round your answers to the nearest cent. 3. Citing the specific standards of the IMA Statement of Ethical Professional Practice described in Chapter 1 , explain why loe's behavior regarding th cost information provided to Doug ia unethical. (CMA adopted)