Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Sharp Company manufactures a product for which the following standards have been set: Direct materials Direct labor Standard Quantity or Hours. 3 feet Standard

image text in transcribedimage text in transcribedimage text in transcribed

Sharp Company manufactures a product for which the following standards have been set: Direct materials Direct labor Standard Quantity or Hours. 3 feet Standard Price or Rate $5 per foot Standard Cost $ 15 7 hours ? per hour ? During March, the company purchased direct materials at a cost of $54,630, all of which were used in the production of 2,875 units of product. 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: Materials quantity variance Labor spending variance Labor efficiency variance Required: 1. For direct materials: $ 2,400 U $ 3,300 U $ 950 U a. Compute the actual cost per foot of materials for March. b. Compute the price variance and the spending variance. ces 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. Req 1A Req 18 Req 2 For direct materials, compute the actual cost per foot of materials for March. (Round your answer to 2 decimal places.) Actual cost per foot Re 1A Req 10 >

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

Financial and Managerial Accounting

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

2nd edition

978-1119036357, 1119036356, 1118338413, 1118334264, 978-1118338414, 978-1118334263

More Books

Students also viewed these Accounting questions

Question

Who is the current, rightful owner of the jacket?

Answered: 1 week ago