10 Check my work Sharp Company manufactures a product for which the following standards have been set Dat standard Quantity Standard Price of Standard or Hours Coas 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 $42660, all of which were used in the production of 2.250 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 Material quantity variance Tabor spending variance Tabor officiency variance $ 1.800 $ 3,000 $700 0 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