Sharp Company manufactures a product for which the following standards have been set: Standard Quantity Senndard Price standard or Rate Direct materials 3 feet $5 per foot $ 15 Direct labor 7 hours 7 per hour or our Cost 2 During March the company purchased direct materials at a cost of $45,180, all of which were used in the production of 2.290 units of product. In addition, 4700 direct labor-hours were worked on the product during the month. The cost of this labor time was $32,900, The following variances have been computed for the month: Materiats quantity variance Labor spending variance Labor officiency variance 53,300 0 03,130 0 1 7800 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. 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 LA Reg 1B Reg 2 For direct materials, compute the actual cost per foot of materials for March. (Round your answer to 2 decimal places.) Notulot per foot Roq 18 > 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 1A Reg 18 Reg 2 For direct materials, compute the price variance and the spending variance. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "" for favorable, "U" for unfavorable, and "None" for no effect (.e, zero variance). Input all amounts as positive values.) 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 month's production c. Compute the standard hours allowed per unit of product Complete this question by entering your answers in the tabs below. Req1A Reg 18 Reg 2 2a. For direct labor, compute the standard direct labor rate per hour (Round your answer to the nearest whole dollar) 2b. For direct labor, compute the standard hours allowed for the month's production. (Do not round your intermediate value.) 2c. For direct labor, compute the standard hours allowed per unit of product. (Round your answer to 1 decimal place.) 20. Standard direct labor rate per hour 26. Standard hours allowed for the month's production 20. Standard hours allowed per unit of product
