Problem 10-11 (Algo) Direct Materials and Direct Labor Variances; Computations from Incomplete Data [LO10-1, LO10-2]...

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Problem 10-11 (Algo) Direct Materials and Direct Labor Variances; Computations from Incomplete Data [LO10-1, LO10-2] Sharp Company manufactures a product for which the following standards have been set: Standard Quantity Standard Price Standard or Hours Cost Direct materials 3 feet $5 per foot Direct labor ? hours ? per hour ? or Rate $ 15 During March, the company purchased direct materials at a cost of $60,120, all of which were used in the production of 3.200 units of product. 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 Labor spending variance Labor efficiency variance $ 2,100 U $ 3,500 U $ 1,050 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 month's production c. Compute the standard hours allowed per unit of product. Complete this question by entering your answers in the tabs below. 19 of 19 Next Red 1A The following variances have been computed for the month: USLUI un labur une was Materials quantity variance Labor spending variance Labor efficiency variance $ 2,100 U $ 3,500 V $ 1,050 V 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 month's production. c. Compute the standard hours allowed per unit of product. Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Reg 2 For direct materials, compute the price variance and the spending variance. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Price variance Spending variance Reg 2 >

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