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

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Sharp Company manufactures a product for which the following standards have been set: Standard Quantity Standard Price Standard Cost or Hours 3 feet ? hours or Rate Direct materials Direct labor s 5 per foot $ 15 ? per hour During March, the company purchased direct materials at a cost of $55,650, 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 $36,750. The following variances have been computed for the month Materials quantity variance Labor spending variance Labor efficiency variance 4,500 U $ 3,150 U $700 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

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