Variance and Standard Costing Williams Corporation manufactures and sells soaps. production. The company operates a standard costing system. The standard cost card for the product is as follows: Direct material 1kg @ $8.00 per kg. $ 8.00 Direct labour 3hrs @ $4.50 per hr. $13.50 variable overhead 3hrs @ $0.50 per hr. $ 1.50 Fixed overhead 3hrs @ $7.40 per hr. $22.20 Budgeted output for the month of October 2019 was 6,500 units. Actual results for October were as follows. Production: 7 100 units Materials consumed in production 7 500 kg @ $58 500 Labour hours 19 100 @ $89 700 Variable overheads $9 800 Fixed overheads $146 900 Required: B. Describe two (2) types of standards