2 Sharp Company manufactures a product for which the following standards have been set: 166 points Direct materials Direct labor Standard Quantity or Hours 3 feet hours Standard Price or Rate Standard Cost $5 per foot ? per hour $ 15 ? Return to ques During March, the company purchased direct materials at a cost of $57,510, all of which were used in the production of 3,125 units of product. In addition, 5,100 direct labor-hours were worked on the product during the month. The cost of this labor time was $51,000. The following variances have been computed for the month: Materials quantity variance Labor spending variance $1,050 U $ 3,500 U Labor efficiency variance Required: 1. For direct materials: $ 950 U 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. 2. FUI CRECLIQUUI. 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. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 2 For direct materials, compute the actual cost per foot of materials for March. Note: Round your answer to 2 decimal places. Actual cost $ 6.18 per foot 2 6 nts 2. Fui CELL IQUUI. 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. Answer is complete but not entirely corr Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 2 For direct materials, compute the price variance and the spending variance. Note: Do not round intermediate calculations. Indicate the effect of each variance by s unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positiv Price variance. $ 10,980 U Spending variance $ 12,030 U < Req 1A Req 2 >