was throo yards of dloth per unit at a standard c was two direct labor hours per unit at a standard rate of $10.50 par direct labor hour Al-Star, Inc. produced 1,000 units of the company's product in 2018. The standard quantity of direct materials records showed that 2,400 yards of doth were used and the company paid $1.25 por yard. Standard time cost of $1.20 per yard. The accounting worked 1,000 hours and were paid $10.00 per hour Read the requirements Requirement 1. What are the benelits of setting cost standards? Standard costing helps managers do the following Requirement 2.Caloulae the diret materials cost varian ein with the cost variances Select and the direct matorials officeny varance as weltl s the dred labor cost and eficienoy variances the required formas, compute the cost vaances for drect materials and direct labor, and idenify whether each variance i favorable (F) or untivorable( cost SQ standand quanlity Formula ara varances for direct mlerilis and deedt wbo, and endly whither sach varunce abor, and idenity whother ach variance is favorable) o nle (U)A Fomula