Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. sharp company manufactures a product for which the

Sharp Company manufactures a product for which the following standards have been set: Standard Quantity...

90.2K

Verified Solution

Question

Accounting

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 3 feet $ 5 per foot $ 15 Direct labor ? hours ? per hour ? During March, the company purchased direct materials at a cost of $57,090, all of which were used in the production of 3,400 units of product. In addition, 5,200 direct labor-hours were worked on the product during the month. The cost of this labor time was $54,600. The following variances have been computed for the month: Materials quantity variance $ 900 U Labor spending variance $ 3,600 U Labor efficiency variance $ 1,000 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 months production. c. Compute the standard hours allowed per unit of product.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Biology
1.2K views

Several researchers worked together to determine the degree of relatedness of seven species of snakes...

Algebra
1.2K views

14 1 point Which data is qualitative Height Employment status Income Age Previous

Advance Math
1.2K views

K-TAB, a slow-release potassium chloride tablet, contains 750 mg of potassium chloride [KCl; MW = 74.5]...

Biology
1.2K views

In Polymerase Chain Reaction or PCR The RNA needs to be denatured first A heating...

Biology
1.2K views

Choose the appropriate answer oin our shop today for the best prices Olocally own locally...

Physics
1.2K views

dz Figure 31 E12 figure A potential difference V is applied between the points a...

Physics
1.2K views

An aeroplane touches the runway at 270 km h and stops after a run of...

Geometry
1.2K views

Question 14 Points 2 Line segment AB is translated 3 units up and 2 units...

Basic Math
1.2K views

Heather has been given a list of 5 bands and asked to place a vote....

Calculus
1.2K views

Evaluate the function f x at the given numbers Round your answers to six decimal...

Algebra
1.2K views

Use the trigonometric substitution to write the algebraic expression as a trigonometric function of 0...

Accounting
1.2K views

J, K and P are partners sharing profits and losses in the ratio of 3:3:1...