Question: Can someone please help me find the direct materials efficiency variance and direct labor efficiency variance? Requirements Requirement 1. What are the benefits of setting

Can someone please help me find the direct materials efficiency variance and direct labor efficiency variance?

Requirements Requirement 1. What are the benefits of setting cost standards? Standard costing helps managers do the following: 1. What are the benefits of setting cost standards? 2. Calculate the direct materials cost variance and the direct materials efficiency variance as well as the direct labor cost and efficiency variances. Requirement 2. Calculate the direct materials cost variance and the direct materials efficiency variance as well as the direct labor cost and efficiency variances. SC= standard cost; SQ= standard quantity.)

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