Problem 10-11 (Algo) Direct Materials and Direct Labor Variances; Computations from Incomplete Data [LO10-1, LO10-2] Sharp Company manufactures a product with the following standards: Standard Quantity or Hours Standard Price or Rate 3 feet $ 5 per foot ? per hour ? Direct materials Direct labor hours Materials quantity variance Labor spending variance Labor efficiency variance During March, the company purchased direct materials for $54,630, all of which were used in the production of 2,875 units. 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: $ 2,400 U $ 3,300 U $ 950 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: Standard Cost 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. $ 15 ? Complete this question by entering your answers in the tabs below.

Prblem 10-11 (Algo) Direct Materials and Direct Labor Variances; Computations from Incomplete Data [LO10-1, LO10-2] Sharp Company manufactures a product with the following standards: During March, the company purchased direct materials for $54,630, all of which were used in the production of 2,875 units. 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: 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