I need help with problems 1 a-b, and 2-a-c. Part of 1 b is cut off, to clarify it says that I need to solve for the "price variance" and the "spending variance." Thanks for the help in advance! **Cost Variance Analysis for Sharp Company**---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 | ? |---**March Performance Data:**During March, the company purchased direct materials at a cost of $45,210, all of which were used in the production of 2,500 units of product. Additionally, 4,100 hours of direct labor time were worked on the product during the month. The cost of this labor time was $30,750. The following variances have been computed for the month:| **Variance** | **Amount** ||--------------------------------|--------------|| Materials quantity variance | $3,600 U || Labor spending variance | $2,750 U || Labor efficiency variance | $700 U |**Required Analysis:**1. **For direct materials:** a. Compute the actual cost per foot for materials for March. (Round your answer to 2 decimal places.) **Computation:** - Actual cost per foot = $2.75 per foot---**Diagram Explanation:** The analysis includes cost variances represented in monetary terms. "U" indicates an "Unfavorable" variance, meaning the actual costs were higher than the standard costs.1. **Materials Quantity Variance:** Indicates that the company used more materials than expected.2. **Labor Spending Variance:** Reflects higher labor costs than anticipated.3. **Labor Efficiency Variance:** Shows that more labor hours were needed than planned.---### Additional Considerationsb. Compute the price variance and the spending variance (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance)). ### Direct Labor Standard Calculations#### 2. For direct labor:*(Do not round intermediate calculations.)***a. Compute the standard direct labor rate per hour.** *(Round your final answer to 2 decimal places.)*- **Standard direct labor rate per hour**: [ **Input box** ]**b. Compute the standard hours allowed for the month’s production.**- **Standard hours**: [ **Input box** ] hours**c. Compute the standard hours allowed per unit of product.** *(Round your answer to 1 decimal place.)*- **Standard hours**: [ **Input box** ] hours per unit

Name: I need help with problems 1 a-b, and 2-a-c. Part of 1 b is cut off, to
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Description: I need help with problems 1 a-b, and 2-a-c. Part of 1 b is cut off, to clarify it says that I need to solve for the "price variance" and the "spending variance." Thanks for the help in advance! **Cost Variance Analysis for Sharp Company**---Sharp Com

1.a Compute actual cost per foot: Actual cost per foot = Actual cost / Actual quantity Actual cost…

Business

Accounting

During March, the company purchased direct materials at a cost of $45,210, all of which were used in the production of 2,500 units of product. In addition, 4,100 hours of direct labor time were worked on the product during the month. The cost of this labor time was $30,750. The following variances have been computed for the month:

During March, the company purchased direct materials at a cost of $45,210, all of which were used in the production of 2,500 units of product. In addition, 4,100 hours of direct labor time were worked on the product during the month. The cost of this labor time was $30,750. The following variances have been computed for the month:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Material, Labor, and Variable Overhead Variances The following summarized manufacturing data relate to Brown Corporation's May operations, during which 2,000 finished units of product were produced. Normal monthly capacity is 1,100 direct labor hours. Standard Units Costs Total Actual Costs Direct material Standard (3 lb. @ $7.00/lb.) $21 $46,080 Actual (6,400 lb. @ $7.20/lb.) Direct labor Standard (0.5 hr. @ $19/hr.) $9.50 Actual (950 hrs. @ $18.70/hr.) 17,765 Variable overhead Standard (0.5 hr. @ $9/hr.) $4.50 Actual 9,300 $35 $73,145 Total
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Perfect Pet Collar Company makes custom leather pet collars. The company expects each collar to require 2.35 feet of leather and predicts leather will cost $4.20 per foot. Suppose Perfect Ret made 85 collars during February. For these 85 collars, the company actually averaged 2.50 feet of leather per collar and paid $3.80 per foot. Required: 1. Calculate the standard direct materials cost per unit. 2. Without performing any calculations, determine whether the direct materials price variance will be favorable or unfavorable. 3. Without performing any calculations, determine whether the direct materials quantity variance will be favorable or unfavorable. 6. Calculate the direct materials price and quantity variances. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Req 6 Calculate the standard direct materials cost per unit. Note: Round your answer to 2 decimal places. Standard Direct Materials per Collar Reg 2 and 3>