B Sharp Company manufactures a product or which the following Mandards have been set FO G Direct materials 6 Direct labor Standard Quantity or Hours 3 feet 2 hours Standard Price or Rate 5 per foot 2 per bour Standard Cost per nulf of product $ 13 During March, the company purchased direct materials at a cost of $60,570, all of which were used in the production of 3.500dits of product. In addition, 5.000 direct labot-hours were actually worked on the product during the month The cost of this Labor time was $75.000. The following variances have been computed for the month 500 uni Output 10 1 Materials quantity Variance 12 Labor total pending variance (not rate variance) 13 Labor efleneyarce 14 215 500 21400 W 2.000F 16 Required: (Keep two decithal) 120. Apreparation, lay out the materials and laber variance calculation framework. 18 (Flint a value is unknown, you can just put or use "SO. SPT for bow and solve for it later.) 24 20 21 2. Using the framework, you can solve the following 21 1. For direct materials Compute the actual com per foot of materials for March 24 b. Compute the price variance 20 27 2. For direct laberi 26 Compute the actual direct labor rate per hour b. Compute the standard direct laborale per hour 10 11 Instruction 9 10 11 12 E F G Www 6 Direct labor 1 hours 7 per hour 7 During March, the company purchased direct materials at a cost of $60,570, all of which were used in the production of 3.500 units of product. In addition, 5.000 direct labor-hours were actually worked on the product during the month. The cost of this labor time was 8 $75,000. The following variances have been computed for the month 9 Output uni 10 3,500 11 Materials quantity variance 5 2,550 W 12 Labor total spending variance (not rate variance) 5 2,400 U 13 Labor efficiency variance $ 2,000 14 15 16 Required: (Keep two decimals) 170. As a preparation, lay out the materials and labor variance calculation framework. 18 (Hint: if a value is unknown, you can just put?" or use "SQ, SP" for now and solve for it later 19 20 21 22 Using the framework, you can solve the following: 23 1. For direct materials a. Compute the actual cost per foot of materials for March 24 25 26 27 2. For direct labor: 20 a Compute the actual direct labor rute per hour 23 30 31 32 33 Compute the standard hours allowed for the month's production b. Compute the price variance b. Compute the standard direct labor rate per hour d. Compute the standard hours allowed per unit of product 35 Instructions 9 10 11 12 + Ready