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 feet $ per foot $
Direct labor question mark hours question mark per hour question mark
During March, the company purchased direct materials at a cost of $ all of which were used in the production of units of product. In addition, direct laborhours were worked on the product during the month. The cost of this labor time was $ The following variances have been computed for the month:
Materials quantity variance $ U
Labor spending variance $ U
Labor efficiency variance $ U
Required:
For direct materials:
Compute the actual cost per foot of materials for March.
Compute the price variance and the spending variance.
For direct labor:
Compute the standard direct labor rate per hour.
Compute the standard hours allowed for the months production.
Compute the standard hours allowed per unit of product.
