1. Setting standards for a product may involve many employees of the company. Identify some of the employees who may be involved in setting the standard costs and describe what their role might be in setting those standards. 2. Smithson, Inc. is a manufacturer of lead crystal glasses. The standard materials quantity is 0.9 pound per glass at a price of $0.45 per pound. The actual results for the production of 7,100 glasses were 1.3 pounds per glass at a price of $0.55 per pound. Calculate the materials price variance and the materials efficiency variance, 3. The standard direct labor time is 1/4 hour per glass, at a price of $15.00 per hour. The actual results for the production of 6,800 glasses were 1/3 hour per glass, at a price of $14.00 per hour. Calculate the labor price variance and the labor efficiency variance