C_hapter 8 TP3 (DUE:JUL-8)I Ch. 8 Thought Provokers - Principles of Accounting, Volume 2: Managerial Accounting | OpenStax This free textbook is an OpenStax resource written to increase student access to highquality, peerreviewed learning materials. You started your own construction business and need to determine the cost of materials used to build one house, and how many materials you will need to do so. Paper is to include: A Header section that includes Name, Date, Assignment Title A paragraph with the scenario paraphrased in your own words and identify what you will be solving. A paragraph explaining the importance of this knowledge as it relates to Managerial Accounting. A paragraph explaining where would you begin to determine the standard price and quantity needs to build one house. A paragraph explaining what would produce a difference between the standard cost to build a house and the actual cost. A paragraph explaining what would cause a favorable outcome and what would cause an unfavorable outcome. A paragraph explaining what action might your company take if you had an unfavorable total direct materials cost variance. A concluding paragraph summarizing your findings. A personal reection paragraph explaining what you already knew, what you learned, and how this information can help you in the future. A Reference section at the end. Items to keep in mind: - Each idea or argument you present needs to be supported. - lntext citation is required even if it is course material. SUBMIT AS A PDF DOCUMENT I will be submitting the papers through Turn-Itln to check for plagarism and ChatGPT usage