Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

need helpw ith just this part Sharp Company manufactures a product for which the following standards have been set Direct materials Direct labor Standard Quantity

need helpw ith just this part
image text in transcribed
Sharp Company manufactures a product for which the following standards have been set Direct materials Direct labor Standard Quantity Standard Price Standard or Hours or Rate Cost 3 feet $5 per foot $ 15 ? hours 7 per hour ? During March the company purchased direct materials at a cost of $64,449, all of which were used in the production of 3.500 units of product. In addition,5,000 direct labor-hours were worked on the product during the month The cost of this labor time was $47,500. The following variances have been computed for the month, Materials quantity variance Labor spending variance Labor efficiency variance $ 1.2000 $ 3,400 u 5 900 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 1 Reg 18 Reg 2 2. For direct labor compute the standard direct labor rate per hour. (Round your answer to the nearest whole dollar 26. For direct labor, compute the standard hours allowed for the months production (Do not round your intermediate value) 3. For direct labor, compute the standard hours allowed per unit of product. (Round your answer to 1 decimal place) 20 Standard direct laborate pet out 2b. Standard hours allowed for the month production 20 Standard hours allowed per unit of product Reg 13

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: J. David Spiceland, James Sepe, Mark Nelson

6th edition

978-0077400163

Students also viewed these Accounting questions

Question

Create a decision tree for Problem 12.

Answered: 1 week ago