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

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Accounting

Sharp Company manufactures a product for which the followingstandards have been set:

Standard Quantity
or Hours		Standard Price
or Rate		Standard
Cost
Direct materials3feet$5per foot$15
Direct labor?hours?per hour?

During March, the company purchased direct materials at a costof $43,335, all of which were used in the production of 2,425 unitsof product. In addition, 4,000 direct labor-hours were worked onthe product during the month. The cost of this labor time was$28,000. The following variances have been computed for themonth:

Materials quantity variance$3,750U
Labor spending variance$2,780

U

Labor efficiency variance$780

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’sproduction.

c. Compute the standard hours allowed per unit of product.

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