- Sharp Company Manufactures A Product For Which The Following Standards Have Been Set Standard Quantity Standard Price Or 1 (34.08 KiB) Viewed 39 times
- Sharp Company Manufactures A Product For Which The Following Standards Have Been Set Standard Quantity Standard Price Or 2 (38.56 KiB) Viewed 39 times
- Sharp Company Manufactures A Product For Which The Following Standards Have Been Set Standard Quantity Standard Price Or 3 (35.93 KiB) Viewed 39 times
Standard Quantity Standard Price or Standard or Hours Rato Cost Direct materials 3 feet $5 per foot $ 15 Direct labor 2 hours ? per hour 2 During March, the company purchased direct materials at a cost of $59,040, 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 $34,500, The following variances have been computed for the month: Materials quantity variance $ 4,200 V Labor spending variance $ 3,900 U Labor officiency variance $ 6800 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's production c. Compute the standard hours allowed per unit of product Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Reg 2 For direct materials, 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 (1.0, zero variance) Input all amounts as positive values.) Price variance Spending varianco
Sharp Company manufactures a product for which the following standards have been set: Standard Quantity Standard Price or Standard or Hours Rate Cost Direct materials 3 feet $5 per foot $ 15 Direct labor 2 hours ? per hour During March, the company purchased direct materials at a cost of $59,040, 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 $34,500 The following variances have been computed for the month: Materials quantity variance $4,200 Labor spending variance $ 3,900 Labor efficiency variance $ 680 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's production c Compute the standard hours allowed per unit of product. ce Complete this question by entering your answers in the tabs below. Req IA Reg 13 Reg 2 20. For direct labor, compute the standard direct labor rate per hour. (Round your answer to the nearest whole dollar.) 20. For direct labor compute the standard hours allowed for the month's production (Do not round your intermediate value) 20. For direct labor, compute the standard hours allowed per unit of product. (Round your answer to 1 decimal place) 2a. Standard direct labor rate per hour