2 Problem 10-11 Direct Materials and Direct Labor Variances; Computations from Incomplete Data (L010-1, LO10-2) 01:28:06 Sharp Company manufactures a product for which the following standards have been set Standard Quantity Dr Hours 3 feet ? hours Standard Price or Rate $11 per foot ? per hour Standard Cost $33 Direct materials Direct labor eBook During March, the company purchased direct materials at a cost of $111.300, all of which were used in the production of 3,200 units of product. In addition, 4,900 direct labor-hours were worked on the product during the month. The cost of this labor time was $95,550. The following varlances have been computed for the month Materials quantity variance Labor spending variance Labor efficiency variance $4,400 $ 450 52, 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 loborrate 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 ow. Reg 1A Rog 18 Reg 2 For direct material compute the actual cost per foot of materials for March. (Round your answer to 2 decimal places) 0.00 per foot Reg 18 > Problem 10-11 Direct Materials and Direct Labor Variances; Computations from Incomplete Data (LO10-1, LO10-2] Sharp Company manufactures a product for which the following standards have been set Direct materials Direct labor Standard Quantity or Hours 3 feet > hours Standard Price or Rate $11 per foot ? per hour Standard Cost $33 During March, the company purchased direct materials at a cost of $111,300, all of which were used in the production of 3.200 units of product. In addition, 4.900 direct labor-hours were worked on the product during the month. The cost of this labor time was $95,550. The following variances have been computed for the month: Materials quantity variance Labor spending variance Labor efficiency variance $ 4,400 u $ 450 $ 2,000 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 Rea 10 Rog 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 (Letere variance Input all amounts as positive values.) Price varance Spending variance Problem 10-11 Direct Materials and Direct Labor Variances; Computations from Incomplete Data [LO10-1, LO10-2) 012742 Sharp Company manufactures a product for which the following standards have been set Standard Quantity or Hours 3 feet 2 hours Standard Price or Rate $11 per foot per hour Standard Cost 533 Direct materials Direct labor eBook During March, the company purchased direct materials at a cost of S111,300, all of which were used in the production of 3,200 units of product. In addition, 4,900 direct labor-hours were worked on the product during the month. The cost of this labor time was $95,550. The following variances have been computed for the month: Materials quantity variance Labor spending variance Labor efficiency variance $ 4,400 V $ 450F $ 2.000 Required: 1. For direct materials 3. 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 13 Reg 2 2. For direct labor compute the standard direct labor rate per hour. 2b. For direct labor compute the standard hours allowed for the month's production. 2c. For direct labor compute the standard hours allowed per unit of product. (Round your answer to 1 decimal place.) Show less 2 Standard direct laborate per hour 20 Standard hours allowed for the month's production 20 Standard houts per un to prove