Week 5: Assessment based on Updated Cost Control System 10 pts Discuss the following questions relating to the Case: 1. How did the managerial accounting process of standard costing and variance analysis improve the analysis of the operations of the firm? 2. What would be your reaction, as a manager, now that all the "new" information has reached your desk? 1. Direct Labor Variances 2. Direct Materials Variance 3. Overhead Variance Week 5: Assessment based on Updated Cost Control System 10 pts Discuss the following questions relating to the Case: 1. How did the managerial accounting process of standard costing and variance analysis improve the analysis of the operations of the firm? 2. What would be your reaction, as a manager, now that all the "new" information has reached your desk? 1. Direct Labor Variances 2. Direct Materials Variance 3. Overhead Variance