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Sharp Company manufactures a product with the following standards: Standard...

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Accounting

Sharp Company manufactures a product with the following standards:
Standard Quantity or Hours Standard Price or Rate Standard Cost
Direct materials 3 feet $ 5 per foot $ 15
Direct labor ?question mark hours ?question mark per hour ?question mark
During March, the company purchased direct materials for $60,120, all of which were used in the production of 3,200 units. In addition, 4,900 direct labor-hours were worked on the product during the month. The cost of this labor time was $53,900. The following variances have been computed for the month:
Materials quantity variance $ 2,100 U
Labor spending variance $ 3,500 U
Labor efficiency variance $ 1,050 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.

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