Required:

1. For direct materials:

a. Compute the actual cost per foot of materials for March.

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what is the actual variable manufacturing overhead cost

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please can you correct the answer

Sharp Company manufactures a product for which the following standards have been set: During March, the company purchased direct materials at a cost of $60,885, 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 $42,500. The following varlances have been computed for the month: Lane Company manufactures a single product that requires a great deal of hand labor. Overhead cost is applied on the basis of standard direct labor-hours. The budgeted varlable manufacturing overhead is $5.00 per direct labor-hour and the budgeted fixed manufacturing overhead is $2,295,000 per year. The standard quantity of materlals is 4 pounds per unlt and the standard cost Is $10.50 per pound. The standard direct labor-hours per unit is 1.5 hours and the standard labor rate is $13.50 per hour. The company planned to operate at a denominator activity level of 255,000 direct labor-hours and to produce 170,000 units of product during the most recent year. Actual activity and costs for the year were as follows: Required: 1. Compute the predetermined overhead rate for the year. Break the rate down into varlable and fixed elements. 2. Prepare a standard cost card for the company's product. 3a. Compute the standard direct labor-hours allowed for the year's production. 3b. Complete the following Manufacturing Overhead T-account for the year. 4. Determine the reason for any underapplied or overapplied overhead for the year by computing the varlable overhead rate and efficlency varlances and the fixed overhead budget and volume varlances. Complete this question by entering your answers in the tabs below. Determine the reason for any underapplied or overapplied overhead for the year by computing the variable overhead rate and efficiency variances and the fixed overhead budget and volume variances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Vitex, Incorporated manufactures a popular consumer product and It has provided the following data excerpts from Its standard cost system: *Applied to Work in Process during the period. The company's manufacturing overhead cost is applied to production on the basis of direct labor-hours. All of the materlals purchased during the perlod were used in production. Work in process inventories are insignificant and can be ignored. Required: 1. How many units were produced last perlod? 2. How many pounds of direct materlal were purchased and used in production? 3. What was the actual cost per pound of materlal? (Round your answer to 2 declmal places.) 4. How many actual direct labor-hours were worked during the period? 5. What was the actual rate paid per direct labor-hour? (Round your answer to 2 declmal places.) 6. How much actual varlable manufacturing overhead cost was incurred during the period