$15 Sharp Company manufactures a product for which the following standards have been set: Standard Quantity Standard Price or Standard or Hous Rate Coat Direct materials I feet 55 per foot Direct labor 7 hours 7 per hour During March, the company purchased direct materials at a cost of $52,965, all of which were used in the production of 2,920 units of product. In addition, 4.500 direct labor-hours were worked on the product during the month. The cost of this labor time was $31,500, The following variances have been computed for the month: Materiale quantity variance $ 4,350 0 Labor spending variance $ 3,030 V Labor oficiency variance $780 U Required: 1. For direct materials: o. Compute the actual cost per foot of materials for March. b. Compute the price variance and the spending variance. 2. For direct labor a. Compute the standard direct labor rate per hour b. Compute the standard hours allowed for the month's production c. Compute the standard hours allowed per unit of product. Complete this question by entering your answers in the tabs below. ReQ IA Reg 16 Reg 2 For direct materials, compute the actual cost per foot of materials for March. (Round your answer to 2 decimal places) Actual per foot RA Reg 10 > Sharp Company manufactures a product for which the following standards have been set: Standard Quantity Standard Price or Standard or Hours Rate Cost Direct materials 3 feet $ 5 per foot $ 15 Direct labor ? hours ? per hour ? During March, the company purchased direct materials at a cost of $52,965, all of which were u product. In addition, 4,500 direct labor-hours were worked on the product during the month. The The following variances have been computed for the month: Materials quantity variance Labor spending variance Labor efficiency variance $ 4,350 V $ 3,030 U $ 780 V Required: 1. For direct materials: a. Compute the actual cost per foot of materials for March. b. Compute the price variance and the spending variance. 2. For direct labor: a. Compute the standard direct labor rate per hour. b. Compute the standard hours allowed for the month's production. c. Compute the standard hours allowed per unit of product. Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Req 2 For direct materials, compute the actual cost per foot of materials for March. (Round your answer to 2 Actual cost per foot Sharp Company manufactures a product for which the following standards have been set: Standard Quantity Standard Price or Standard or Hours Rate Cost Direct materials 3 feet $ 5 per foot $ 15 Direct labor 7 hours ? per hour ? During March, the company purchased direct materials at a cost of $52,965, all of which wer product. In addition, 4,500 direct labor-hours were worked on the product during the month. The following variances have been computed for the month: Materials quantity variance $ 4,350 U Labor spending variance $ 3,030 U Labor efficiency variance $ 780 U Required: 1. For direct materials: a. Compute the actual cost per foot of materials for March. b. Compute the price variance and the spending variance. 2. For direct labor: a. Compute the standard direct labor rate per hour. b. Compute the standard hours allowed for the month's production. c. Compute the standard hours allowed per unit of product. nces Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 2 For direct materials, compute the price variance and the spending variance. (Do not round interme the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None for no eff Input all amounts as positive values.) Price variance Spending variance ? Sharp Company manufactures a product for which the following standards have been set: Standard Quantity Standard Price or Standard or Hours Rate Cost Direct materials 3 feet $ 5 per foot $ 15 Direct labor ? hours ? per hour During March, the company purchased direct materials at a cost of $52,965, all of which were product. In addition, 4,500 direct labor-hours were worked on the product during the month. The following variances have been computed for the month: Materials quantity variance $ 4,350 V Labor spending variance $ 3,030 U Labor efficiency variance $ 780 V Required: 1. For direct materials: a. Compute the actual cost per foot of materials for March. b. Compute the price variance and the spending variance. 2. For direct labor: a. Compute the standard direct labor rate per hour. b. Compute the standard hours allowed for the month's production. c. Compute the standard hours allowed per unit of product. nces Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Req 2 2a. For direct labor, compute the standard direct labor rate per hour. (Round your answer to the near 2b. For direct labor, compute the standard hours allowed for the month's production. (Do not round ye 2c. For direct labor, compute the standard hours allowed per unit of product. (Round your answer to 1 2a. Standard direct labor rate per hour 2b. Standard hours allowed for the month's production 2c. Standard hours allowed per unit of product ces During June, the plant produced 5,000 pools and incurred the following costs: a. Purchased 24,000 pounds of materials at a cost of $2.65 per pound. b. Used 18,800 pounds of materials in production. (Finished goods and work in process inventories are insigni ignored.) c. Worked 4,100 direct labor-hours at a cost of $6.50 per hour. d. Incurred variable manufacturing overhead cost totaling $7,560 for the month. A total of 2,800 machine-hour It is the company's policy to close all variances to cost of goods sold on a monthly basis. Required: 1. Compute the following variances for June: a. Materials price and quantity variances. b. Labor rate and efficiency variances. c. Variable overhead rate and efficiency variances. 2. Summarize the variances that you computed in (1) above by showing the net overall favorable or unfavorable Complete this question by entering your answers in the tabs below. Required 1 Required 2 Summarize the variances that you computed in (1) above by showing the net overall favorable or unfavorable variance month. (Indicate the effect of each variance by selecting " for favorable, "U" for unfavorable, and "None" for no effec zero variance). Input all amounts as positive values.) Net variance