Standards: 3 yards of cloth per unit at $1.15 per yard 2 direct labor hours per unit at $14.50 per hour Overhead allocated at $3.00 per direct labor hour Actual: 2,700 yards of cloth were purchased at $1.20 per yard Employees worked 1,200 hours and were paid $14.00 per hour Actual variable overhead was $2,200 Actual fixed overhead was $1,600 Grand Company uses a standard cost system and reports the following information for 2024: (Click the icon to view the information.) Grand Company reported the following variances: (Click the icon to view the variances.) Grand produced 1,000 units of finished product in 2024. Read the