Sharp Company manufactures a product with the following standards: Standard Quantity Standard Price or Rate or Hours $5 per foot ? per hour Direct materials Direct labor 3 feet hours ? During March, the company purchased direct materials for $52,740, all of which were used in the production of 2,750 units. In addition, 4,500 direct labor-hours were worked on the product during the month. The cost of this labor time was $40,500. The following variances have been computed for the month: $ 2,700 U $ 3,100 U $850 U Materials quantity variance Labor spending variance Labor efficiency 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: Standard Cost $15 ? 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. K

Sharp Company manufactures a product with the following standards: During March, the company purchased direct materials for $52,740, all of which were used in the production of 2,750 units. In addition, 4,500 direct labor-hours were worked on the product during the month. The cost of this labor time was $40,500, 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