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Bargain, Inc., 1,000 units of the company's product in 2011. The standard quantity of materials...

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Accounting

Bargain, Inc., 1,000 units of the company's product in 2011. The standard quantity of materials was threethree yards of cloth per unit at a standard price of $1.05 per yard. The accounting records showed that 2,600 yards of cloth were used and the company paid $1.10 per yard. Standard time was twotwo direct labor hour per unit at a standard rate of $9.75 per direct labor hour. Employees worked 1,500 hours and were paid $9.25 per hour.

Requirements

1. What are the benefits of setting cost standards?

2. Calculate the materials price variance and the materials efficiency variance, as well as the labor price and efficiency variances.

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