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

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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 $ 5 per foot $ 15 Direct labor ? hours ? per hour ? During March, the company purchased direct materials at a cost of $57,090, all of which were used in the production of 3,400 units of product. In addition, 5,200 direct labor-hours were worked on the product during the month. The cost of this labor time was $54,600. The following variances have been computed for the month: Materials quantity variance $ 900 U Labor spending variance $ 3,600 U Labor efficiency variance $ 1,000 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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