Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Seeking help on my accounting problem for class. I need to have part 2 verified if I did it correctly please. Thank you. Sharp Company

image text in transcribedimage text in transcribed

Seeking help on my accounting problem for class. I need to have part 2 verified if I did it correctly please. Thank you.

image text in transcribedimage text in transcribed
Sharp Company manufactures a product for which the following standarm have been set: Blanch"! Qumy Slanchd Price Standard or Hour- or Rate Cool Direct materials Sfaet 5 5 pIr fool I 15 Direct labor 7hours 7 pIr hour ? During March. the company purchased direct materials at a cost $555,650. all of which were used in the production of3.200 units of product. In addition. 4.900 hours of direct labor time were worked on the product during the month. The mat ofthis labor timI was $36,750. The following variances have been mmputed for lh month: Materials quantity variance $4,500 U Labor spending variance $1,650 F Labor efciency variance 5 800 U i Required: 1. For direct materials: a. Compute the actual met perfoot for materials for March. (Round your answer to 2 decimal places.) b. Compute the price variance and the spending variance. (Do not round Intermedlala calculatlona. Indicate the affect of each variance by ealecllng "F" for favorable. "U" for unfavorable, and "None" for no effect [i.e., zero variance\" Price variance Spending variance 2. For direct labor: a. Compute the standard direct labor rate per hour. b. Compute the standard hours allowed for the rnonth's production. c. Compute the standard hours allowed per unit of product. {Round your answer to 1 declmal place.) 1.5E hours per unit

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

Modern Advanced Accounting in Canada

Authors: Hilton Murray, Herauf Darrell

8th edition

1259087557, 1057317623, 978-1259087554

More Books

Students also viewed these Accounting questions

Question

Explain the principles of delegation

Answered: 1 week ago

Question

State the importance of motivation

Answered: 1 week ago

Question

Discuss the various steps involved in the process of planning

Answered: 1 week ago

Question

What are the challenges associated with tunneling in urban areas?

Answered: 1 week ago

Question

What are the main differences between rigid and flexible pavements?

Answered: 1 week ago