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can you please help me with the parts that i got wrong? thank you Sharp Company manufactures a product for which the following standards have
can you please help me with the parts that i got wrong? thank you
Sharp Company manufactures a product for which the following standards have been set:
8 Standard Quantity or Hours 3 feet ? hours Direct materials Direct labor Standard Price or Rate Standard Cost $ 5 per foot $ 15 ? per hour ? During March, the company purchased direct materials at a cost of $54,630, all of which were used in the production of 2,875 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 $47,000. The following variances have been computed for the month: 0.61/0.7 points awarded Materials quantity variance Labor spending variance Labor efficiency variance $ 2,400 U $ 3,300 U $ 950 U Scored 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 Req 1B Reg 2 2a. For direct labor, compute the standard direct labor rate per hour. (Round your answer to the nearest whole dollar.) 2b. For direct labor, compute the standard hours allowed for the month's production. (Do not round your intermediate value.) 2c. For direct labor, compute the standard hours allowed per unit of product. (Round your answer to 1 decimal place.) $ 10 2a. Standard direct labor rate per hour 2b. Standard hours allowed for the month's production 2c. Standard hours allowed per unit of product 4,605 X 1.6 Exercise 10-5 (Algo) Working Backwards from Labor Variances (LO10-2] 4 Quality Motor Company is an auto repair shop that uses standards to control its labor time and labor cost. The standard labor cost for a motor tune-up is given below: 0.35/0.7 points awarded Standard Rate Standard Cost Standard Hours 2.50 Motor tune-up $ 25.00 $ 62.50 Scored The record showing the time spent in the shop last week on motor tune-ups has been misplaced. However, the shop supervisor recalls that 50 tune-ups were completed during the week, and the controller recalls the following variance data relating to tune-ups: Labor rate variance Labor spending variance $ 150 F $ 200 U Required: 1. Determine the number of actual labor-hours spent on tune-ups during the week. 2. Determine the actual hourly pay rate for tune-ups last week. (Round your answer to 2 decimal places.) 1. Actual labor hours 139 hours $ per 14.00 hour 2. Actual hourly rateStep by Step Solution
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