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

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Accounting

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Sharp Company manufactures a product for which the following standards have been set: Standard Quantity Standard Price Standard or Hours 3 feet ? hours or Rate Cost Direct materials Direct labor $5 per foot $ 15 ? per hour During March, the company purchased direct materials at a cost of $52,305, all of which were used in the production of 3,000 units of product. In addition, 4,600 direct labor-hours were worked on the product during the month. The cost of this labor time was $43,700 The following variances have been computed for the month Materials quantity variance Labor spending variance Labor efficiency variance $ 2,550 U $ 3,200 U $ 900 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

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