7/15/2021 Assignment Print View 2. Award: 700 points Sharp Company manufactures a product for which the following standards have been set: Standard Quantity Standard Price Standard or Hours or Rate Cost Direct materials 3 feet $5 per foot $ 15 Director ? 2 per hour 2 During March, the company purchased direct materials at a cost of $45,180, all of which were used in the production of 2.290 units of product. In addition, 4.700 direct labor-hours were worked on the product during the month. The cost of this labor time was $32,900 The following variances have been computed for the month Materials quantity variance Labor spending variance Labor efficiency variance $ 3,300 U $ 3,130 U $ 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 Complete this question by entering your answers in the tabs below. Reg 1A Reg 10 Reg 2 For direct materials, compute the actual cost per foot of materials for March. (Round your answer to 2 decimal places.) Actual cost Roq 1A Roq 1B per foot rev: 01 11 2021 OC CS-246235 References Worksheet Leaming Objective: 10-01