variance analysis. $($CMA$,$ adapted$)$ Aunt Molly's Old Fashioned Cookies bakes cookies for a chain of U$.$K$.$ retail stores. The com$-$pany' best$-$selling cookie is chocolate nut supreme, which is marketed as a gourmet cookie and regularly sells for $$8$ per pound. The standard cost per pound of chocolate nut supreme, based on Aunt Molly's normal monthly production of $400,000$ pounds, is calculated as follows:Cost ItemQuantityStandardUnit CostsTotal CostDirect materials:Cookie mix$10$ ounces.$$0\mathrm{.}02$ per ounce$$0\mathrm{.}20$Milk chocolate$5$ ounces$0\mathrm{.}15$ per ounce$0\mathrm{.}75$Almonds$1$ ounce$0\mathrm{.}50$ per ounce$0\mathrm{.}50$$$1\mathrm{.}45$Direct labour:$*0\mathrm{.}241$ minute$14\mathrm{.}40$ per hourMixingBaking$2$ minutes$18\mathrm{.}00$ per hour$0\mathrm{.}60$$$0\mathrm{.}84*$Direct labour rates include employe benefits$\mathrm{.}10$ L