Sharp Company manufactures a product with the following standards: During March, the company purchased direct materlals for $53,730, all of which were used in the production of 2,875 units. In addition, 4,700 direct labor-hours were worked on the product during the month. The cost of this fabor time was $37,600. The following variances have been computed for the month: 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. For direct materials, compute the actual cost per foot of materials for March. Note: Round your answer to 2 decimal places. Sharp Company manufactures a product with the following standards: During March, the company purchased direct materials for $53,730, all of which were used in the production of 2,875 units. In addition, 4,700 direct labor-hours were worked on the product during the month. The cost of this labor time was $37,600. The following variances have been computed for the month: 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. 2a. For direct labor, compute the standard direct labor rate per hour. Note: Round your answer to the nearest whole dollar. 2b. For direct labor, compute the standard hours allowed for the month's production. Note: Do not round your intermediate value. 2c. For direct labor, compute the standard hours allowed per unit of product. Note: Round your answer to 1 decimal place. Sharp Company manufactures a product with the following standards: During March, the company purchased direct materials for $53,730, all of which were used in the production of 2,875 units. In addition, 4,700 direct labor-hours were worked on the product during the month. The cost of this labor time was $37,600. The following variances have been computed for the month: 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. For direct materials, compute the price variance and the spending variance. Note: 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
