The White Flour Company mills wheat into flour. The equivalent units are measured in terms of tons of flour produced. At the beginning of the year, the mill contained 20 tons of flour that was 30 percent milled. During the year, another 500 tons of flour were completely milled. At the end of the year, the company has 40 tons of flour 80 percent milled. How many equivalent tons of flour has the White Flour Company milled during the year?

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[The following information applies to the questions displayed below.] Diego Company manufactures one product that is sold for $77 per unit in two geographic regions-the East and West regions. The following information pertains to the company's first year of operations in which it produced 48,000 units and sold 43,000 units.

Premium, 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 $1.00 per yard. The accounting records showed that 2.400 yards of cloth were used and the company paid $1.05 per yard. Standard time was two direct labor hours per unit at a standard rate of $13.00 per direct labor hour. Employees worked 1,600 hours and were paid $12.50 per hour. - X Read the requirements. Requirement 1. What are the benefits of setting cost standards? Standard costing helps managers do the following: Direct materials cost variance Direct labor cost variance 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 Direct materials efficiency variance Direct labor efficiency variance Requirement 2. Calculate the direct materials cost variance and the…