Sharp Company manufactures a product for which the following standards have been set: Direct materials Direct labor Standard Quantity Standard Price Standard or Hours or Rate Cost 3 feet $5 per foot $ 15 per hour 7 hours During March, the company purchased direct materials at a cost of $52.305, 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 $43,700. The following variances have been computed for the month: Materials quantity variance Labor spending variance Labor efficiency variance $ 2,550 U $ 3,200 U 900 U 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 Req1A Red Reg 1B Reg For direct materials, compute the actual cost per foot of materials for March. (Round your answer to 2 decimal places.) Actual cost Reg 1B > Sharp Company manufactures a product for which the following standards have been set: Direct materials Direct labor Standard Quantity Standard Price Standard Or Hours or Rate Coat 3 feet $5 per foot $ 15 7 hours 7 per hour During March, the company purchased direct materials at a cost of $52,305, 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 $43,700. The following variances have been computed for the month: Materials quantity variance Labor spending variance Labor efficiency variance $ 2,550 U $ 3,200 U $ 900 U 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 to 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 "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Price variance Spending variance Sharp Company manufactures a product for which the following standards have been set: Standard Quantity Standard Price Standard or Hours Or Rate Cost 3 feet $5 per foot $ 15 7 hours 7 per hour Direet materials Direct labor During March, the company purchased direct materials at a cost of $52.305, 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 $43,700. The following variances have been computed for the month: Materials quantity variance Labor spending variance Labor efficiency variance $ 2,550 U $ 3,200 U 900 U 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 Red 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.) Show less 2a. Standard direct labor rate per hour 2b. Standard hours allowed for the month's production 2c. Standard hours allowed per unit of product ( Req 18
