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Bargain, Inc. produced 1,000 units of the company's product in 2024 . The standard quantity of direct materials was three yards of cloth per unit at a standard cost of $130 per yard The accounting records showed that 2,400 yards of cloth were used and the company paid $1.35 per yard Standard time was hwo direct labor hours per unit at a standard rate of $13.50 per direct tabor hour Employees worked 1,600 hours and were paid $13.00 per hour. Read the cequirements Requirement 1. What are the benefits of sotting cost standards? Standard costing helps managers do the following Requirement 2. Calculate the direct materials cost variance and the direct materials efficiency variance as well as the direct labor cost and efficiency variances Begin with the cost variances. Select the required formulas, compute the cost variances for direct materials and direct labor, and identify whether each variance is favorable ( F ) of unfavorable (U) (Abbreviations used AC= actual cost, AO= actual quantity, FOH= forod overhead, SC= standard cost, SO= standard quantity) Bargain, Inc produced 1,000 units of the company's product in 2024 . The standard quantiy of direct materials was three yards of cloth per unit at a standard cost of $130 per yard The accounting records showed that 2,400 yards of cloth were used and the company paid $1.35 per yard Standard time was two direct labor hours per unit at a standard rate of $13.50 per direct labor hour Employees worked 1,600 hours and were paid $13.00 per hour. Read the tequirements: Requirement 2. Calculate the direct materials cost variance and the direct materials efficiency variance as well as the direct labor cost and efficiency variances Begin with the cost variances. Select the required formulas, compute the cost variances for direct materials and direct labor, and identily whether each variance is favorable (F) or unfavorable (U). (Abbreviations used. AC= actual cost. AO= actual quantity, FOH= foced overhead, SC= standard cost, SO= standard quantify) Select the required formulas, compute the efficiency variances for diect materials and direct labor, and lidentify whether each variance is favorable (F) or untavorable (U) (Abbreviations used. AC= actual cost AQ= actual quantity. FOH= fixed overhead, SC= standard cost, SQ= standard quantity) argain, Inc. produced 1,000 units of the company's product in 2024. The standard quantity of direct materials was three yards of cloth pe e accounting records showed that 2,400 yards of cloth were used and the company paid $1.35 per yard. Standard time was two direct 3.50 per direct labor hour. Employees worked 1,600 hours and were paid $13.00 per hour. ead the requiremants Requirements 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. each variance is fa quantity.)