2 Sharp Company manufactures a product for which the following standards have been set. 2 points Direct materials Direct labor Book Standard Quantity Standard Price or Standard or Hour 3 feet 7 hours Rate $5 per foot per hour Cost $ 15 During March, the company purchased direct materials at a cost of $45,240, all of which were used in the production of 2,400 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 $39,200 The following variances have been computed for the month: HiM References Materials quantity variance Labor spending variance Labor efficiency variance Required: 1. For direct materials: $3,000 U $3,200 U $ 750 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. Complete this question by entering your answers in the tabs below. Req 1A Req 18 Req 2 For direct materials, compute the actual cost per foot of materials for March. (Round your answer to 2 decimal places.). Actual cost per foot Reg 18 Check