Managerial Accounting hmwk help please, need help understandingALSO INCLUDE: 1. Briefly explain how cost standards (i.e., prices, rates, quantities, hours, etc.) are established. (2 points)2. Why is the total direct labor variance divided into a rate variance and an efficiency variance? (1 point)3. What manager is generally in the best position to influence the direct-labor efficiency variance? (1 point)

Part 2 Constitution Company's standard and actual costs per unit for the most recent period are given below. 15,000 units were actually produced. Standard Actual Materials: Standard: 5 feet at $2.00 per foot $10.00 Actual: 5.2 feet at $1.80 per foot $9.36 Direct Labor: Standard: 3.75 hours at $2.50 per hour $9.38 Actual: 3.5 hours at $3.00 per hour $10.50 Required: From the foregoing information, compute the following variances and indicate whether the variances are favorable or unfavorable. Show all figures out to two decimal places. Use dollar signs for dollar figures. 1. Materials price variance. (2 points) 2. Materials quantity variance. (2 points) 3. Direct labor rate variance. (2 points) 4. Direct labor efficiency variance. (2 points)