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Sharp Company manufactures a product for which the following standards have been set: ...

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Accounting

Sharp Company manufactures a product for which the following standards have been set:

Standard Quantity or Hours Standard Price or Rate Standard Cost
Direct materials 3 feet $ 11 per foot $ 33
Direct labor ? hours ? per hour ?

During March, the company purchased direct materials at a cost of $111,300, all of which were used in the production of 3,200 units of product. In addition, 4,900 direct labor-hours were worked on the product during the month. The cost of this labor time was $95,550. The following variances have been computed for the month:

Materials quantity variance $ 4,400 U
Labor spending variance $ 450 F
Labor efficiency variance $ 2,000 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 months production.

c. Compute the standard hours allowed per unit of product.

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