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  3. and the company paid $1.35 per yard. standard fime

and the company paid $1.35 per yard. Standard fime was two direct labor hours per...

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Question

Accounting

and the company paid $1.35 per yard. Standard fime was two direct labor hours per unit at a standard rate of $1550 per direct labor hour. Employees worked 1,500 hours and were paid $14.00 per hour
Read the requirements
Requirement 1. What are the benefits of setting cost standards?
Standard costing helps managers do the following.
Requirements
What are the benefits of setting cost standards?
Calculate the direct materials cost variance and the direct materials efficiency variance as well as the direct labor cost and efficiency variances.
Create new products
Decrease accounting costs
Develop more efficient production methods
Identify performance standards
Increase production levels
Increase sales volume
Prepare the master budget
Set sales prices of products and services
Help r Set target levels of performance for flexible budgets
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