1 Sharp Company manufactures a product for which the following standards have been set: 7 points Direct materials Direct labor eBook Standard Quantity or Hours 3 feet ? hours Standard Price or Rate Standard Cost $5 per foot ? per hour $ 15 ? During March, the company purchased direct materials at a cost of $52,965, all of which were used in the production of 2,920 units of product. In addition, 4,500 direct labor-hours were worked on the product during the month. The cost of this labor time was $31,500. The following variances have been computed for the month: Materials quantity variance $ 4,350 U Hint Print Labor spending variance Labor efficiency variance Required: 1. For direct materials: $ 3,030 U $ 780 U a. Compute the actual cost per foot of materials for March. b. Compute the price variance and the spending variance. References 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. Req 1A Req 1B Req 2 For direct materials, compute the actual cost per foot of materials for March. (Round your answer to 2 decimal places.) Actual cost per foot
1 Sharp Company manufactures a product for which the following standards have been set: 7 points Direct materials Direct labor eBook Standard Quantity or Hours 3 feet ? hours Standard Price or Rate Standard Cost $5 per foot ? per hour $ 15 ? During March, the company purchased direct materials at a cost of $52,965, all of which were used in the production of 2,920 units of product. In addition, 4,500 direct labor-hours were worked on the product during the month. The cost of this labor time was $31,500. The following variances have been computed for the month: Materials quantity variance $ 4,350 U Hint Print Labor spending variance Labor efficiency variance Required: 1. For direct materials: $ 3,030 U $ 780 U a. Compute the actual cost per foot of materials for March. b. Compute the price variance and the spending variance. References 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. Req 1A Req 1B Req 2 For direct materials, compute the actual cost per foot of materials for March. (Round your answer to 2 decimal places.) Actual cost per foot
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
Transcribed Image Text:1
Sharp Company manufactures a product for which the following standards have been set:
7
points
Direct materials
Direct labor
eBook
Standard Quantity
or Hours
3 feet
? hours
Standard Price or
Rate
Standard
Cost
$5 per foot
? per hour
$ 15
?
During March, the company purchased direct materials at a cost of $52,965, all of which were used in the production of 2,920 units of
product. In addition, 4,500 direct labor-hours were worked on the product during the month. The cost of this labor time was $31,500.
The following variances have been computed for the month:
Materials quantity variance
$ 4,350 U
Hint
Print
Labor spending variance
Labor efficiency variance
Required:
1. For direct materials:
$ 3,030 U
$ 780 U
a. Compute the actual cost per foot of materials for March.
b. Compute the price variance and the spending variance.
References
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.
Req 1A
Req 1B
Req 2
For direct materials, compute the actual cost per foot of materials for March. (Round your answer to 2 decimal places.)
Actual cost
per foot
<Req 1A
Req 1B >
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 3 images
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education