Requirement 1. What are the benefits of setting cost standards? Standard costing helps managers do the following: Create new products Decrease accounting costs Develop more efficient production methods Identify performance standards Increase production levels Increase sales volume Prepare the master budget 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. Great. Inc. produced 1,000 units of the compary's product in 2024 . The standard quantity of direct materials was three yards of cloth per unit at a standard cost of $1.25 per yard The accounting records showed that 2,800 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 $12.00 per direct labor hour. Employees worked 1,600 hours and were paid $11.50 per hour Read the reguirements Requirement 1. What are the benefits of setting cost standards? Standard costing holos managers do the foliowing Requirement 1. What are the benefits of setting cost standards? Standard costing helps managers do the following