Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please answer all the parts 1. For direct materials: a. Compute the actual cost per foot of materials for March. b. Compute the price variance

Please answer all the parts image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
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. For direct materials, compute the actual cost per foot of materials for March. Note: Round your answer to 2 decimal places. 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. 2a. For direct labor, compute the standard direct labor rate per hour. Note: Round your answer to the nearest whole dollar. 2b. For direct labor, compute the standard hours allowed for the month's production. Note: Do not round your intermediate value. 2 . For direct labor, compute the standard hours allowed per unit of product. Note: Round your answer to 1 decimal place. Sharp Company manufactures a product with the following standards: During March, the company purchased direct materials for $59,040, all of which were used in the production of 3,000 units. In addition, 4,600 direct labor-hours were worked on the product during the month. The cost of this labor time was $34,500, The following variances have been computed for the month: 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. 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. For direct materials, compute the price variance and the spending variance. Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U* for unfavorable, and "None" for no effect (f.e, zero variance). Input all amounts as positive values

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Client Importance And Audit Quality In Highly Connected Jurisdictions

Authors: Kelly G. Yuen

1st Edition

3330350520, 978-3330350526

More Books

Students also viewed these Accounting questions