Sharp Company manufactures a product with the following standards: Standard Quantity Standard Price or or Hours Rate 3 feet hours $5 per foot ? per hour ? Direct materials Direct labor Materials quantity variance Labor spending variance Labor efficiency variance 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: During March, the company purchased direct materials for $45,240, all of which were used in the production of 2,190 units. 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: $ 1,950 U $ 3,030 U $780 U Standard Cost 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. $ 15 ?

Sharp Company manufactures a product with the following standards: Standard Quantity Standard Price or or Hours Rate 3 feet hours $5 per foot ? per hour ? Direct materials Direct labor Materials quantity variance Labor spending variance Labor efficiency variance 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: During March, the company purchased direct materials for $45,240, all of which were used in the production of 2,190 units. 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: $ 1,950 U $ 3,030 U $780 U Standard Cost 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. $ 15 ?

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Description: Alert for not submit AI generated answer. I need unique and correct answer. Don't try to copy from anywhere. Do not give answer in image formet and hand writing Sharp Company manufactures a product with the following standards:Standard Quantity Stand

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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