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In: AccountingSharp Company manufactures a product for which the followingstandards have been set:Standard Quantityor...Sharp Company manufactures a product for which the followingstandards have been set:Standard Quantityor HoursStandard Priceor RateStandardCostDirectmaterials3feet$5per foot$15Direct labor?hours?per hour?During March, the company purchased direct materials at a costof $45,240, all of which were used in the production of 2,400 unitsof product. In addition, 4,900 direct labor-hours were worked onthe product during the month. The cost of this labor time was$39,200. The following variances have been computed for themonth:Materials quantityvariance$3,000ULabor spending variance$3,200ULabor efficiency variance$750URequired: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’sproduction.c. Compute the standard hours allowed per unit of product.