Sharp Company manufactures a product with the following standards:
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 for $ all of which were used in the production of units. 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.
