Sharp Company manufactures a product for which the following standards have been set Standard Quantity or Hours 3 feet ? hours Standard Price Standard or Rate Cost 55 per foot 5 15 > per hour Direct materials Direct labor During March, the company purchased direct materials at a cost of $59,040, all of which were used in the production of 3,000 units of product In addition, 4,600 direct labor-hours were worked on the product during the month. The cost of this labor time was $34,500 The following variances have been computed for the month Materials quantity variance Labor spending variance Labor efficiency variance $ 4,200 U $ 3,900 U $ 6800 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 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 Rog 18 Reg 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 Rent Reg 1B > Hint 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. Red IA Rog 10 Reu2 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, Ufor unfavorable, and None" for no effect (.e. zero variance). Input all amounts as positive valued) Price variance Spending variance 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 Req 18 Reg 2 2a. For direct labor, compute the standard direct labore 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.) 2a. Standard direct labor rate per hour 26 Standard hours allowed for the month's production 2c Standard hours allowed por unit of product
