1 Sharp Company manufactures a product for which the following standards have been set Standard Price Standard Standard Quantity or Hours 2 Direct materials Direct labor 3 feet 7 hours or Ratel $5 per foot ? per hour Cost $15 points eBook Referenc During March, the company purchased direct materials at a cost of $45,375, all of which were used in the production of 2,350 units of product. In addition, 4,800 direct labor-hours were worked on the product during the month. The cost of this labor time was $50,400 The following variances have been computed for the month Materials quantity variance Labor spending variance Labor efficiency variance Required: 1. For direct materials: $2,250 U $ 3,400 U $ 1,000 U a. Compute the actual cost per foot of materials for March. b. Compute the price variance and the spending variance.