the company paid $$1\mathrm{.}25$ per yard. Standard time was two direct labor hours per unit at a standard rate of $$15\mathrm{.}50$ per direct labor hour. Employees worked $1,900$ hours and were paid $$14\mathrm{.}00$ per hour.

Requirement $1.$ What are the benefits of setting cost standards?

Standard costing helps managers do the following:

Requirement $2.$ Calculate the direct materials cost variance and the direct materials efficiency variance as well as the direct labor cost and efficiency variances.

allowed. Label the variance as favorable $($F$)$ or unfavorable $($U$),$ in the input field after the amount you enter.$)$

favorable $($F$)$ or unfavorable $($U$),$ in the input field after the amount you enter.$)$