50.1K

Verified Solution

Link Copied!

Sharp Company manufactures a product with the following standards: During March, the company purchased direct materials for $54,615, all of which were used in the production of 3,050 units. In addition, 5,000 direct labor hours were worked on the product during the month. The cost of this labor time was $30000 The following variances have been computed for the month: Required: 1 For direct materials: a. Compute the actual cost perfoot of materials for March. b. Compute the price varionce and the spending variance. 2. For direct lobor: a. Compute the standard direct labor rate per hour: b. Compute the standard hours allowed for the month's production. c. Compute the standard hours allowed per unit of product. For direct materials, compute the actual cost per foot of materials for March. Note: Round your answer to 2 decimal places. For direct materials, compute the price variance and the spending variance. Note: Do not rotund inturmediste calculationt. Indicate the effect of esch warlance by selecting "F" for favorable, "U" for unfaverable, and "None" for no effect (1,e, zero variance), Input all amounts as positive values. 2a. For direct labor, compute the standard direct labor rate per hour. Note:-Round your answer to the nearest whole dollar: 2b. For direct labor, compute the standard hours allowed for the month's production. Note: Do not round your intermediate value. 2c. For direct laboc, compute the standard hours allowed per unit of product. Note: Round your answer to 1 decimal place

Answer & Explanation Solved by verified expert

See Answer