PROBLEM APPLICATION 5: CHAPTER 23: STANDARD COST SYSTEMS, 25 POINTS. needed and double lines on your final answers. Date of submission will be announced in class. 105,000 cases and recorded the following cost data Use blue need to submit nk and present your solutions in good form in the answer sheets provided after the problems. You only the answer sheets. You need to show all necessary ealculation.th diarirsi Hear Smart manufactures headphone cases During September 2018, the company produced and sold Standard Cost Information Cost Direct Materials Direct Labor Variable Manufacturing Overhead Fixed Manufacturing Overhcad ($28 500 for static budget volume of 95,000 units and 1,900 hours, or $15 per hour) Quantity 2 parts 0.02 hours 800 per hour 002 hours 1000 per hour S 0.15 per part Actual Cost Information Direct Materals (209,000 parts @ so.20 per part) $41,800 Direct Labor Variable Manufacturing Overhead Fixed Manufacturing Overhead (1,600 hours $8.15 per hour) 13,040 9,000 26,000 Requirements 1. Compute the cost and efficiency variances for direct materials and direct labor. 2. For manufacturing overfhead, compute the variable overhead cost and efficiency variances and the fixed overhead cost and volume variances 3. Hear Smart's management used better quality materials during September. Discuss the trade-off between the two direct material variances